Story Highlights
Solana price has dipped below the $200 mark, leading to considerable liquidations.
Current technical indicators highlight a pronounced bearish trend on the daily time frame.
Key resistance and support levels are positioned at $209 and $181 respectively.
The cryptocurrency market has recently faced a noticeable downturn, causing major tokens to breach their critical support levels. Solana (SOL) has followed suit, slipping under the important $200 watch level.
Will this self-styled Ethereum-Killer regain its momentum and overtake Binance (BNB) to claim the 5th spot among valued cryptocurrencies by the end of the week? Let’s explore the potential short-term scenarios for Solana (SOL).
SOL Price Declines ~10%, Falling Below $200!
The Solana price has taken a sharp hit, plunging below the pivotal $200 level with an intraday decline of 9.62%. This drop, combined with a trading volume of $5.243 billion, showcases a significant setback this week, highlighting the increasing bearish pressure.
As of now, with a Year-to-Date (YTD) return of +3.48% and a market cap of $94.719 billion, Solana ranks as the 6th largest cryptocurrency.
Solana (SOL) Technical Sentiments
The Relative Strength Index (RSI) suggests a notable drop below neutral on the SOL price chart in the daily time frame. Additionally, the average trendline shows a bearish convergence, indicating that this altcoin may continue to experience a downward trend this week. The 50-day EMA demonstrates a negative trajectory, reinforcing the current bearish sentiment. However, the 200-day EMA remains as a strong support, hinting at a possible bullish reversal in the near future.
Is Solana a Hold or Sell?
Should a bullish reversal materialize, SOL could reclaim the $200 mark and aim for its significant resistance at $209. If optimism persists at that stage, it could propel the price towards an upper high of $225.
On the flip side, if the bears dominate, Solana’s token might slide toward the support level of $190. Should the selling pressure escalate, this could push the price down to the critical support of $181.
Curious whether SOL can eventually reach $1000? Check out CoinPedia’s Solana Price Prediction to explore potential outcomes through 2030!
FAQs
How much is Solana worth today?
With a 24-hour trading volume of $5.099 billion, the SOL crypto token is currently trading at $196.04.
How much will 1 Solana be worth in 2025?
If a Solana ETF is filed, the native token could finish the year at a maximum of $400.
What was Solana’s all-time high price?
The all-time high (ATH) for the SOL coin stands at $263.83, recorded on November 23, 2024.
