The price of Solana at the time of writing is $145, recovering from a dip of $138. However, the trading volume increased dramatically, as the traders are impatiently waiting for upcoming US economic data releases later in the week.
On March 18, Sol hit the price of $206, which is the highest in the past five months. This spike was for a short term, as Sol dropped back to $167. The recent price level put Sol on a 30% correction in the past six weeks. Now Solana is trying for new uptrends, while the indicators are flashing bullish.
Last Tuesday Yahoo Finance witnessed an increase in trading volume of this token up to$2.5 billion.
Wednesday’s US CPI and Retail Sales reports could shake the market, as traders evaluate the interest rate outlook.
Solana Price Analysis: Anticipating a Return to Bullish Momentum
Solana made a surprising price surge from October 2023 to April 2024, leading to an overheated market that was inevitably due for a correction. This price surge was an outcome of the popularity of Solana meme coins and the overall bullish trend throughout the market.
This upward trend of Meme coin beat Binance coin in market cap and other coins like Ada and XRP.
Solana is now struggling at a support of $140. Immortal shared an SOL chart on social media that shows crypto at an all-time high of $320.
Solana Price Forecast: Are Large Investors Purchasing During the Dip?
Bitcoin, currently trading around $63,000, is stuck in this price range for months, and there are no chances of a major price break shortly.
The broader economic environment remains uncertain, leaving traders unsure about the timing and pace of Federal Reserve interest rate cuts.
After experiencing a sharp drop in Solana’s price, It creates some price levels to consider during its upward trend. The first price resistance of SOL is at $158.
If this token is successful in breaking the figure of $160, there are chances of recovery in its price. The other resistance on the way to $200 are at $175 and $185.
On the other hand, if this token‘s price drops below $140, then the major support level is at $120.
Although the sentiments or investors are neutral about the market, the environment is in favor of this coin for price recovery.
