The volatility in the cryptocurrency market has been increasing, making the value of leading tokens unstable in the past few days. Solana, in particular, has not been able to recover strongly since August.
This has left investors curious about the future prospects of this altcoin in the crypto market. Questions like “Will SOL price recover?” and “When will Solana hit $500?” have left investors in a state of FOMO.
SOL Price Is Recording Neutral Trend
Solana has fallen about 6% this week due to bearish pressure at the resistance line of the symmetrical triangle pattern. Notably, Solana has increased by 1.26% over the past day with a trading volume of $1.414 billion. This has helped it stay above the $130 mark.
Despite losing about 8% of its value over the past month, SOL still returned +21.05% YTD to long-term investors. With a market capitalization of $62.086 billion, the altcoin still maintains its 5th position.
The 50/200-day EMA shows a flat performance on the 1D timeframe, reflecting weak buying and selling pressure for this altcoin in the crypto market.
On the other hand, the RSI indicator shows a neutral trend on the Solana price chart. Moreover, with the potential bullish convergence, the altcoin is suggesting a possible reversal in the coming weeks.
Will Solana Hit $200?
If the market gains momentum, SOL will retest the resistance line of the symmetrical triangle pattern. In particular, if the bulls continue to dominate, this could take the price to the high above $155 this month.
For Solana price to reach $200, it would require a 52.08% increase from its current trading price of $131.51. Conversely, if bears act more aggressively, SOL could drop to the critical support level of $127 in the near term.
Interested in your SOL holdings? Read our Solana Price Prediction for a look into the future!