Solana Price is Near All-time High; Will It Regain $200 Mark Soon?

• The Solana coin’s price has gained around 35% in a week, showing buyers’ strength.
• According to the market cap, Solana crypto ranks 5th in the cryptocurrency market.

In a broader time frame, the Solana price has been bullish and almost reached the last swing high. Since October 2023, the SOL crypto price has witnessed intense buying pressure of around 750%. The digital asset price recorded an all-time high of $209.90 on March 18, 2024. 

After reaching an all-time high, investors tried to book profit, which led to a bearish momentum in the short term. Recently, buyers have tried again to approach the last swing high.

At press time, the Solana price traded at $177.05 with an intraday gain of 0.12%. The market capitalization is $79.59 Billion, and the 24-hour trading volume is $576.64 Million. The circulating supply is 449,282,757 SOL, and the total supply is 576,640,920 SOL.

Price vs Volume Analysis

As per the given data, the trading volume has kept decreasing since mid-March, and the SOL price has followed. For the last 10 days, the trading volume has increased a little bit, and the price has also gained momentum.

Development Activity Decreased by 75%

The graph shows that SOL crypto’s development activity has decreased by 75% in the last 2 weeks. However, the digital asset price has remained bullish for the past few days. If the development activity in the Solana crypto increases, the price may be positively supported.

Solana Price Prediction; Are Buyers Eyeing for a New All-time High?

In a daily time frame, the Solana crypto price has been bullish and is about to hit the $200 hurdle. At the time of writing, the SOL price has failed to surpass the $185 mark with continuous buying momentum.

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Solana crypto price has lost 5.50% in the past 3 days but still yet to engulf the previous mother candlestick. Suppose the SOL price falls to the $160 level and forms any bullish candlestick pattern; buyers may enter the short-term dip, and the recent fall can be turned into a pullback. 

If the buyers show interest in the pullback and trading volume increases, the price may overcome the $200 hurdle. Assuming the SOL price triggers a breakout from the $200 hurdle after the consolidation, it may record a new all-time high soon.

Conclusion

The Solana price has been in a bullish trend since 2023 and has displayed an enormous bullish momentum. In March, the SOL price recorded an all-time and declined a little bit. However, it was attempted again, but sellers were strong enough, and profit booking was seen at a higher level. Buyers have been in control for the past few weeks and are heading for a new all-time high.

Technical Levels

According to the chart structure, if the buyers gain bullish momentum, it may face resistance from the $200 & $225 marks. On the other hand, if the price momentum turns bearish, it may take support on the $160 & $125 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.