After a neutral trend for about a week, SOL price successfully regained momentum and recorded a surge of around 7% over the past 7 days, indicating increasing bullishness in the cryptocurrency market.
The Solana token ended the month of March successfully on a positive note, adding more than 54% to its valuation during the period. Moreover, the YTD stands at around 95%, highlighting the massive buying pressure on this altcoin over the long term.
SOL tokens show an increase in bullish sentiment!
Solana price traded in a closed range between $51.30 and $77.60 for three weeks, after which the bullish momentum gained momentum, recording a surge of 66.20% within the next five days. The bulls then faced rejection above the resistance level of $107.77.
After that, the SOL token lost momentum and fell below the support level. The Solana token then traded in a range between $77.60 and $107.77 for about nine weeks, highlighting the weak buying and selling pressure on the altcoin during this period.
Positively, Cross EMA 50/200 days acted as support for the price, allowing SOL token to regain momentum and see bullish price action. Solana coin price soared 99.32%, successfully regaining the $200 market for the first time in 26 months.
The bulls then faced rejection above the resistance level of $200, and since then Solana tokens have been trading in a closed range between $170 and $200, and are about to test the resistance level, the outcome of which is unpredictable.
MACD (Moving Average Convergence Divergence) shows a steady decline in the red histogram, indicating increased buying/selling pressure in the cryptocurrency industry. Moreover, the average shows a high probability of bullish convergence, highlighting the upcoming bullish price movement of altcoins.
Can SOL price reach $1,000?
If the market manages to keep the price above the $200 resistance level, the bulls will regain momentum and prepare to test the next major resistance level of $250 in the coming days. Moreover, if Solana price continues to trade under bullish influence, it will likely test the highest resistance level of $300 in the coming months.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test the $170 support level. Moreover, if the bears continue to outweigh the bulls, they will continue to bleed and move lower, testing the lower support level of $140 going forward.