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Solana Price Dips 17% in a Week! Is SOL Price Headed for $180 Next?
Solana’s price has plummeted by approximately 17.92% over the past seven days, with a significant drop of about 1% in the last 24 hours. This dramatic downturn has been accompanied by a trading volume of $4.301 billion, further emphasizing the gravity of this situation.
As the cryptocurrency market continues to experience a bearish pullback, many top tokens have broken down their immediate support levels, including Solana. The token’s failure to reclaim the $200 mark is particularly concerning, as it suggests a growing lack of confidence in the asset’s value.
Considering the current market statistics, investors are left wondering if this is an opportune moment to invest in Solana tokens. In this article, we will delve into the possible short-term Solana (SOL) price analysis and provide insights into its potential trajectory.
Solana Price Analysis
The Simple Moving Average (SMA) has consistently acted as a resistance to the SOL coin price chart, indicating an escalation of bearish action for the altcoin in the crypto space. In contrast, the Relative Strength Index (RSI) indicator records a positive curve in the daily price chart, suggesting that the bulls might still have some life left. Nevertheless, the average trendline displays a negative action, implying an increase in selling pressure over buying pressure.
If the bears regain momentum, Solana’s price could retest its immediate resistance level of $200. Maintaining the price above this mark could pave the way for the altcoin to head toward its upper resistance level of $210 in the near future. On the other hand, a sustained bearish action could result in the token plummeting toward its crucial support level of $181.50. If the bearish sentiment intensifies further, Solana’s value may even decline towards a new multi-month low.
In summary, it seems unlikely that Solana will reach $1000 anytime soon, requiring a surge of over 500%. However, if the bullish momentum persists, it might still reach a maximum trading value of approximately $400 by the end of this year.
Source: https://coinpedia.org/uncategorized/solana-price-dips-17-in-a-week-is-sol-price-headed-for-180-next/
