The Solana price has maintained its positive price action with an intraday trading volume of $3.106 billion, a change of +97.16%. Adding to this, it has added approximately 2% over the last seven days. This suggests a cool-off in the buying-and-selling pressure in the shorter time frame.
With this, investors are exploring the possible price action of this altcoin as it is one of the top chains of the crypto community. Are you one of many to find the same? Let us understand the Solana on-chain price analysis and possible price targets.
The SOL OI-Weighted Funding Rate for Solana token records a constant green funding rate today. However, the funding rate has been constantly bouncing between reds and greens, suggesting extreme volatility for the altcoin in the market.
The SOL total liquidations chart has displayed a significant drop over the past 4 days. While the total liquidation touched the $50 million mark on the 05th, since then it has been ranging between $3.5 million to $just over $7 million. This suggests increased volatility for the altcoin as it has experienced multiple spikes.
After evaluating the on-chain sentiments of SOL coin, let us now explore the possible Solana Price Prediction for this week!
Despite recording a Year-to-Date (YTD) correction of 17.96%, this altcoin has maintained its value above the $150 mark, suggesting a strong bullish outlook in the longer time frame. With a market capitalization of $81.49 billion, it has secured the 06th position with a dominance of 2.4133%.
Moreover, it has formed an expanding channel pattern in the daily time frame and continues trading within it since the month of April. This kind of trend highlights a strong buildup in the bullish price action generally in the longer time frames.
The Moving Average Convergence Divergence (MACD) indicator records a steady decline toward the neutral point in the daily time frame. Additionally, the average trendlines witness a possible bullish convergence. This type of trend in the MACD highlights a potential reversal.
The Bollinger Bands (BB) with a 20-day Simple Moving Average (SMA) indicates rising volatility in the Solana price chart. Furthermore, after retesting its crucial support, it has now started heading toward its bullish range, hinting an increasing buying pressure. Considering the market sentiments, a strong positive action can be expected for it.
How High Will Solana Price Go?
The SOL crypto price could breach its immediate resistance level of $158 if the bullish sentiment is sustained. Adding to this, the upper resistance level for this altcoin is $189 respectively.
Suppose, the altcoin experiences a sharp rise in the adoption process around that range, this could potentially lead this altcoin to retest its upper high of $200. Adding to this, rising optimism in the crypto space has resulted in many analysts predicting a possible retest at $227 this quarter.
However, the key support level for it stands at $150. Notably, if the liquidation increases at this point, the value of Solana token could drop down to $135 or further to $127 in the upcoming time.
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