Solana price experienced a strong bearish reversal yesterday after hitting a new ATH of $294.33. Prices reportedly fell after encountering network congestion-like situations.
It is speculated that this is the main cause of recent congestion on the Solana network and is responsible for the sudden spike in transactions, spam bots, block producers, and delays in invalidating transaction block hashes.
Would you like to understand the short-term prospects of this altcoin? In this article, we have revealed the market sentiment, price analysis, and possible price targets for Solana (SOL) crypto token.
SOL price records a strong bearish reversal!
Solana price fell by 5.68% in 24 hours, with a trading volume of $27.775 billion. This led to SOL token retesting the $250 support level. However, it has gained 40.42% over the past 7 days, highlighting a long-term bullish trend.
TradingView: SOL/USDT
Furthermore, with a monthly return of +39.03% and a market capitalization of $125.034 billion, this altcoin secures the 05th position in the global cryptocurrency market.
Solana Cryptocurrency Technical Sentiment
Moving Average Convergence Divergence (MACD) indicates that the green histogram is steadily rising and the average is recording an upward trajectory. This suggests that prices may continue to gain momentum this week.
On the other hand, technical indicator SMA supports Solana price chart on 1D time frame. This highlights the increasing price movement of the 05th largest cryptocurrency on the market.
Will SOL prices rise again?
If the bulls regain momentum, Solanacoin price could retest the $270 level. If the price sustains above that level, the altcoin could be poised to head toward this month’s target price of $300.
On the contrary, if the bears outperform the bulls, SOL crypto price could retest the $210 support trend line. Furthermore, if the bulls are unable to sustain Solana price above that level, Solana price could plummet towards the lows of $200.
Want to know about the long-term price outlook for SOL token? Read CoinPedia’s Solana price prediction to uncover possible mysteries until 2050.
FAQ
Why did Solana crash?
The cause of Solana’s price crash is speculated to be congestion on the Solana network.
How much will Solana be worth in 2025?
Amid increased volatility, altcoins could end the year with a potential high of $400.
Is Solana worth $1000?
With a potential surge, SOL coin price could reach the $1000 mark by 2029.
How much is Solana worth today?
At the time of writing, one SOL token was worth $251.30.
