Solana Price Uncertainty Intensifies! SOL Price Eyes A Retest At $200?

Story Highlights

• The Solana price enters into a consolidated phase by recording a variation of ~1% in seven days.
• The technical indicators record a mixed price sentiment, indicating uncertain short-term price action.
• Positively, a bullish reversal could push the price toward a new ATH beyond the $263.83 mark.

With the Bitcoin price experiencing a significant price correction overnight, the crypto market has lost ~$137 billion in 24 hours. Following this, top altcoins such as Solana have failed to maintain their bullish sentiment.

Moreover, with speculation of the Securities and Exchange Commission (SEC) rejecting at least two out of five Solana ETF applications, will the Solana price experience a significant price correction during the upcoming weeks? 

SOL Price Records Consolidated Price Action!

With the rising bearish sentiment, THE Solana price has dropped by 4.27% in 24 hours with a trading volume of $8.226 billion. Notably, with a neutral price action over the last seven days, this altcoin has entered into a consolidated price trend.

The Simple Moving Average (SMA) constantly acts as a resistance to the SOL price chart in the daily time frame. This highlights a weak bullish sentiment for the altcoin in the cryptocurrency market.

However, the Moving Average Convergence Divergence (MACD) displays a constant decline in its red histogram, whereas its averages show a steady decline. This suggests a mixed price action for the 05th largest crypto token.

Will SOL Hit $300 In 2024?

Suppose, the market bulls regain traction, this could result in the Solana price breaching its $250 mark and retesting its high of $263.83. Moreover, if the bullish sentiment intensifies, it could head toward its upper price target of $300 this year.

Conversely, if the bears outrun the bulls, this could result in the SOL coin price retesting its psychological barrier of $225. Negatively, if the bears fail to regain momentum at that point, this could pull the price of this altcoin toward its lower support level of $210.

Planning on investing in this altcoin before the AltSeason kickstarts? Read CoinPedia’s Solana Price Prediction. Also, subscribe to us to get insights and happening in the cryptocurrency market first!

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