The cryptocurrency industry continues to see significant fluctuations on the charts due to increased volatility in the market. Additionally, the top tokens have recorded huge price fluctuations within a short period of time, indicating increased buying and selling pressure within the cryptocurrency space.
Meanwhile, Solana price is up 21.32% over the past 7 days and 36.40% over the past 30 days, highlighting the strong bullish sentiment in the cryptocurrency industry.
Solana token price volatility has increased!
The SOL token was trading in a closed range between $94.25 and $100 for some time, after which the market gained momentum and Solana price recorded a surge of 16.74% in three days.
After being rejected at $110.91, the altcoin had a neutral trend, trading sideways for the next 11 days. As market volatility increased, bulls lost momentum and recorded a correction, causing the price to break support levels.
Since then, the price of Solana has been trading in a closed range between $100 and $107 for about a week. After several failed attempts, it successfully regained momentum and recorded a surge of 11.51%, followed by a sideways trend for a while.
The recent rally saw the stock rise 26.28% before being rejected at $135.45. Since then, the price has been trading in a closed range, indicating a decline in the altcoin’s price movement.
The Relative Strength Index (RSI) is showing a sharp rise on the charts, suggesting increasing buying pressure in the cryptocurrency industry. The average also shows a high probability of bullish convergence, suggesting that the price will continue to gain value in the future.
Will SOL prices increase?
If the market pushes the price above the resistance level of $135, the bulls will regain momentum and prepare to test the upper resistance level of $143. Holding the price at this level would set the stage for Solana token to test the $150 resistance level by the end of the week.
Conversely, if a trend reversal occurs, SOL price will lose momentum and fall to test the $125 support level. Moreover, if the bears continue to outweigh the bulls, they will likely move lower and prepare to test the lower support level of $117 in the future.