Among the tokens, Solana price increase and Solana (SOL) has taken one step ahead of becoming up by 40% after a major market crash on Monday. This has boosted SOL from a low of a $110 to the present area of $150. Research the experts and market participants are now wondering whether Solana can get back to its previous all time high of $184.
Solana Price Increase: Historical Performance and Current Trends
According to news sources report, what Solana price increase is historically usual. The last visit of SOL to $110+ low was recorded on March 5 from which it rallied 90 percent and touched an all-time high of $209. They anticipate new high may be achieved if this trend persist, for SOL in the short run.
Also other major crypto currencies have been steady. Bitcoin (BTC) has appreciated by 4.38% whereas Ethereum (ETH) has risen by 1%.18 in the last 24 hours. According to the most recent information, BTC remains in the region of $57,000, and ETH – above $2,400.
Solana Price Increase Action
Current Solana price increase, the time this article has written, the price stood at $153.33, a 9.63 times from the previous trading session close price. This positive movement has taken Solana’s market cap to $71.51 billion and takes the 5th place among cryptocurrencies.
Nevertheless, there is a dominantly-positive mood and Solana’s 24h trading volume has declined by 33%.80% to $5.56 billion. This drop shows that investors are prudent over recent price movements in the stock. Now, on the basis of the data obtained from several media publications, it can be stated that, in the weekly chart, Solana is still experiencing a bearish market sentiment. Marketing analysts recommend that moving past the weekly opening price of $ 183 could help do away with this bearish outlook.
Is SOL’s Bull Run Here to Stay?
According to several market analysts the future of Solana appears to remain bright after Solana price increase, given the recent flucutation of the price of the asset. The layout of the daily graphic shows that SOL/USD pair is inside the bullish pennant formation that is defined by lower highs and higher lows. It’s usually a sign of consolidation before rallying up and breaking out of the range most of the time.
Backing this view, the 200-day SMA is located at $145, which is slightly below SOL’s current price. 55, providing immediate support. “Based on this support here, if SOL can sustain it, it can push towards the $184 level,” said a crypto analyst known as John Doe.
Also, the daily Relative Strength Index (RSI) is currently at 44.82 which is near to the neutral zone. Any further rise beyond this level may indicate that the overall trend could be switching towards bullish one which can lead to the restoration of high level.
Crypto enthusiasts are cheerful after Solana price increase, with more than a hint of caution. Looking more in-depth into the characteristics of the trading data, some interesting observations can be made, which seem to contradict the current findings. If Solana can penetrate its close on the daily chart of $169.34, it could propel the price to the $184 range erasing the bearish outlook described in the weekly chart.
Another factor that is fueling this optimism is the fact that most popular coins have proven to be rather robust. An increase in cryptocurrency prices has been priceless for developers and Solana carries on with a positive breakout point at about $157.78 while the extended levels are placed at 274.59. There is positive support from Bitcoin which has remained above $57,000 and Ethereum which is above $2400. Following the sources of news soueces , one can state that the current tendencies make Solana appear as one step away from the breakthrough.
Solana Price Increase Final Breakdown
Solana price increase by 40% allows it to be among the top in the market. In another probability, SOL might recur the $184 level as history, technical analysis, and market momentum are on the bears’ side. Nevertheless some concerns still persist among investors, that is why trading turnover is still lower. With the market situation shifting some focus will be put on Solana to determine if it will be capable of registering new highs.
As the analysts closely observe on Turkishnyradio, over the next few days it will be important in establishing if SOL has truly began its bull trend. Keep an eye on the Solana price increase.
