Despite increased volatility in the crypto market, the Solana price has witnessed a neutral price action. This highlights a weak price action for the altcoin in the market. While the trading volume records a drop of approximately 14% over the past day, its value stays sideways.
However, when compared in the longer time frame, this altcoin has soared over 15% in 30 days. This suggests an increase in the institutional and whale buying in the market.
By evaluating the present market statistics, marketers are curious about the short-term price prospects? Moreover, questions like “Is Solana worth buying?” has taken over the internet by storm. To find out answers to such questions, scroll below.
Solana Price Consolidates Around The $150 Mark
Solana price today continues hovering around the $150 mark, highlighting a cool-off in the price action. Notably, with a trading volume of $2.84 billion, the Solana token has recorded a change of less than 1% today. Moreover, with a market cap of $77.89 billion, its dominance has increased to 2.5625%.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram. Moreover, its average trendlines are on the path of experiencing a bearish convergence in the 1D time frame. This suggests an increase in the selling-over-buying pressure for the altcoin in the crypto market.
While the 50-day EMA acts as a strong support for the Solana price chart, the 200-day EMA has now become a major resistance for the altcoin. This hints at an increase in the volatility for the 4th largest altcoin by valuation in the crypto space.
Will SOL Rise Again?
If the SOL coin price maintains its value above the $150 mark, this could result in it heading toward its immediate resistance level of $160. If the bullish sentiment intensifies at that point, the price of Solana could head toward its upper price target of $177 during the upcoming days.
On the flip side, if the bears outrun the bulls, the Solana price could drop toward its $135 mark. Moreover, if the bulls fail to regain momentum, the SOL crypto may resume its bearish run and plunge toward its important support trendline of $127.
Also Read: PumpFun Deposits $15M in SOL to Kraken; Total Transfer Nears $600M
