Solana Price Analysis: Will SOL Break $200 Amid Growing NFT Adoption?

The post Solana Price Analysis: Will SOL Break $200 Amid Growing NFT Adoption? appeared first on Coinpedia Fintech News

Amid increased price volatility, top crypto categories have recorded a rise in their trading volume. Notably, the NFT market has picked up pace with some projects recording a double-digit surge in the weekly time frame.

On the other hand, the Solana price has constantly formed a lower high over the past 2 months, indicating increased bearish sentiment. However, considering the historic market trend, the altcoin has a high possibility of recording a massive bullish reversal in the coming time.

Crucial Watch Zone For SOL Coin Price!

With a drop of 5.63% over the past 36 hours, the Solana price has lost momentum and is heading toward its crucial support trendline once again. Notably, this altcoin has gained significant momentum over the past few days but has faced rejection for the 3rd time at its resistance level.

Reportedly, it has formed a symmetric triangle pattern and continues to trade within it since mid-July. In the long-term perspective, it has rewarded its investors with a YTD return of over 30%. With a project value of $61.799 billion, it has secured the 5th position in the market.

Solana Technical Analysis

The Simple Moving Average (SMA) has recorded a bearish convergence in its 1D time frame. This indicates an increase in the bearish sentiment within the crypto market.

Further, the MACD indicator has recorded a constant decline in its green histogram. Moreover, with a high possibility of a bearish convergence, the averages hint at a potential short-term pullback.

Will SOL Go Up In Price?

If the bulls break out of the resistance trendline of the triangle pattern, the Solana price could retest its upper level of $155. Moreover, if the market continues gaining momentum, this could result in the 5th largest cryptocurrency heading toward its upper high of $181 in the coming time.

Taking the optimistic point of view into consideration, the beginning of a potential AltSeason could act as a catalyst for the SOL crypto price to head toward its $200 mark this year.

On the flip side, if the bears continue gaining momentum, this altcoin could retest its crucial support level of $127 this month.

To uncover the possibility of the SOL token achieving the $500 mark, read our article on Solana price prediction 2024 – 2030