With the price of Bitcoin achieving a new all-time high (ATH), the cryptocurrency industry continues to display a significant uptrend in its valuation. The SOL price has successfully recorded a new 25-month high, indicating a robust bullish sentiment in the industry.
Further, the SOL token has added approximately 20% within the past seven days and 50% over the past 30 days, highlighting an increased buying pressure within the market. Moreover, the Solana price has recorded a return of 64.59% to its investors since the year started.
SOL Price On The Path To Test $200 Mark!
The Solana token displayed a neutral trend by trading in a closed range between $100 and $115.55 for a brief period. As the market volatility grew, the bulls regained momentum and recorded a jump of 35.45% before facing rejection at the resistance level of $135.45.
Following this, the SOL coin price traded sideways for the next few days, indicating a cool-off in the price action within the crypto industry. After testing its low of $115.55, the Solana token regained momentum and jumped 29.25% in the chart, after which the price faced rejection at $149.35.
After trading in a closed range between $135.45 and $149.35 for about a week, the bulls successfully broke out of the resistance level and recorded a jump of 11.60% in valuation. Since then, the price has been constantly trading under a bullish influence.
The Relative Strength Index (RSI) displays a bearish curve above the overbought range, highlighting a massive ongoing price action in the industry. Further, the average shows a constant rise, suggesting uncertainty in the future price movements of this altcoin.
Will Solana Price Increase?
If the bulls push the Solana token price above the resistance level of $170, the price will continue to gain momentum and test its upper level of $185 this week. If the bulls hold the price at that level, it will set the stage for SOL price to attempt to test its upper limit of $200.
Negatively, a bearish trend reversal will pull the price toward its support level of $149.35. Moreover, if the price continues to trade under a bearish influence, it will plunge and prepare to test its lower support level of $135.45.