Does SOL on-chain sentiment suggest a breakout rally?

Story Highlights

• SOL price surged more than 3% in 24 hours, regaining the $240 level.
• Technical indicators record mixed price sentiment, highlighting increased price volatility.
• Continued bullish action could push the price towards the $300 level.

Solana price maintains the 04th place in the cryptocurrency market with a monthly surge rate of more than 40%. Additionally, as on-chain sentiment grows, the Solana project, dubbed the ‘Ethereum killer,’ is expected to bear fruit.

Given current market sentiment, is now a good time to buy Solana? Read CoinPedia’s Solana price analysis article to discover the possibilities!

SOL price suggests a strong bullish reversal!

The price of Solana, which rose 2.64% intraday and had a trading volume of $3.64 billion, reached a 24-hour high of $246.78 and recovered to the $240 level. Additionally, it is currently trading at a 6.53% discount to ATH.

The simple moving average (SMA) acts as resistance on the daily price chart. This suggests that bearish sentiment towards altcoins has increased in the cryptocurrency market.

The MACD indicator shows a steady rise in the red histogram and a bearish crossover in the average, suggesting a bearish outlook for Solana price in the coming month.

Will Solana be resurrected again?

If the bulls gain momentum again, SOL coin price will retest the $250 resistance level. Holding the price above this level could set the stage for a move towards this year’s high of $300.

On the other hand, if a bearish reversal occurs, Solana token will retest the low of $210. Moreover, as selling pressure increases, this altcoin may plummet to the lower support level of $181.

Are you wondering if SOL coin price will reach $500 during this cryptocurrency bull market? Read CoinPedia’s Solana price prediction article and subscribe to stay up to date on the latest cryptocurrency news first!

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