Solana Regains Strength But Can It Push SOL Price Over $150
cryptoticker.io 10 September 2024 08:42, UTC Solana (SOL) has been showing signs of recovery after recent price fluctuations. With support forming at key levels, traders are questioning whether SOL price can push back toward $150, or if a rally to $200 is within reach. This article breaks down Solana’s current market trends, technical analysis, and potential future price movements.
Solana Price Recovers From $120 And Targeting $150
Solana price began a recovery wave after dropping to $120, pushing past the $125 resistance and stabilizing above $128. The SOL/USD pair currently trades above the 100-hour simple moving average, forming a bullish trend line around $130. If the SOL price can overcome resistance at $135 and $138, it could gain the momentum needed to reach $150.
However, this upward movement isn’t guaranteed. If the price fails to rise above the $138 resistance, it may decline again, testing support at $130 and potentially falling back toward $126 or even $120. Technical indicators suggest mixed signals, with the MACD showing a slowdown in bullish momentum, and the RSI remaining above the 50 mark.
SOL Price Aiming for $200: A Realistic or Wishful Thinking?
Despite the recovery toward $130, Solana price is facing headwinds in its path to $200. A previous drop to $125 caused some hesitation in the market, and although the price rebounded slightly, skepticism remains about the strength of the rally.
A major factor impacting Solana’s potential to hit $200 is the low capital inflow. After a significant $100 million outflow on September 6, buying pressure returned with a modest $1 million inflow. This is far lower than the $175 million inflow seen during Solana’s rise above $200 in March, suggesting that a return to those levels may require more substantial market support.
Additionally, market sentiment around SOL has turned negative, with indicators like Santiment’s Weighted Sentiment showing increased pessimism. If this trend continues, it may dampen demand, limiting the potential for a sustained rally.
Solana Price’s Technical Barriers: Is SOL Price Breaking the Downtrend?
From a technical standpoint, Solana price is facing significant challenges. The price is trading within a descending triangle pattern, a bearish signal, and has struggled to break through resistance around $130 to $135. While there have been attempts to break out, low liquidity and reduced inflows are hampering upward momentum.
For Solana to shift out of this bearish trend and make a serious move toward $150 or even $200, a substantial increase in buying pressure is required. Without this capital inflow, SOL is likely to remain trapped between support at $126 and resistance at $135 in the short term.
What’s Next for Solana Price?
While Solana has made strides in recovering from its recent drop, significant challenges remain for the altcoin to reach higher levels. Overcoming resistance at $135 and $138 is crucial for the price to push toward $150, but breaking the $200 mark seems unlikely without a much larger inflow of capital. Traders should watch key support and resistance levels closely and monitor market sentiment to gauge SOL’s next move.
