Solana (SOL) Price Eyes $200 As It Outruns ETH Price Action?

The post Solana (SOL) Price Eyes $200 As It Outruns ETH Price Action? appeared first on Coinpedia Fintech News

After a strong bearish pullback, the Solana price has made a significant recovery over the past few days. Moreover, by adding ~16% to its valuation during the last 30 days, it has outperformed the Ethereum price by ~8.5%. This highlights the increased adoption of SOL prices in the market.

However, the resistance zone around $155 acts as a major barrier to the Solana token. Will the upcoming bullish reversal or increased network activity act as a catalyst for the SOL coin price to achieve its prolonged target this uptober?

SOL Crypto Price Records Increased Volatility!

Despite recording a jump of 2.16% in the past 24 hours with a trading volume of $1.925 billion, the Solana token has dropped 5.17% over the past week. Moreover, it has formed a symmetric triangle pattern and has continued trading within it since September.

TradingView: SOL/USDT

Moreover, it has jumped over 15% during the past month and has a Year-to-Date (YTD) return of +44.60%. With a circulating supply of 469,269,351 SOL tokens and a market cap of $68.87 billion, it has secured the 5th position.

The MACD indicator shows a constant decline in the red histogram with its average hinting at a potential bullish convergence in the 1D time frame.

However, the Simple Moving Average (SMA) shows a potential bearish crossover in the Solana price chart. This suggests a mixed price sentiment for the altcoin in the market.

Is SOL Price Still Alive?

If the market favors the bulls, in that case, the Solana crypto could retest its resistance level of $155. Maintaining the price at that level could set the stage for it to head toward its upper resistance level of $180 during the upcoming weeks.

On the flip side, if the bears overpowered the bulls, the SOL coin price could test its resistance trendline of the triangle pattern. Further, if the bearish sentiment intensifies, the 5th largest cryptocurrency could retest its low of $127 this month.

Concerned about the future price prospects of your SOL crypto holdings? Read our Solana Price Prediction 2024 – 2030