Solana Price Reclaims $130! Is $200 Imminent In March?

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Written By Pinang Driod

The crypto industry continues to display significant fluctuation in the chart due to the increased volatility in the market. Further, top tokens have recorded massive price movements within a short period, indicating an increase in the buying-and-selling pressure within the crypto space.

On the other hand, the Solana price has added 21.32% within the past seven days and 36.40% over the past 30 days, highlighting a strong bullish sentiment in the cryptocurrency industry.

Solana Token Records Increased Price Volatility!

The SOL token traded in a closed range between $94.25 and $100 for a while, following which the market gained momentum and the Solana price recorded a jump of 16.74% over three days.

After facing rejection at $110.91, the altcoin displayed a neutral trend by trading sideways for the next eleven days. As the market volatility grew, the bulls lost momentum and recorded a correction, resulting in the price breaking down its support level.

TradingView: SOL/USDT

The Solana price then traded in a closed range between $100 and $107 for about a week. Following multiple failed attempts, they successfully regained momentum and recorded a jump of 11.51%, after which the price traded sideways for a while.

Recently, the bulls jumped 26.28%, following which it faced rejection at $135.45. Since then, the price has been trading in a closed range, indicating a decrease in the price action for the altcoin.

The Relative Strength Index (RSI) displays a sharp rise in the chart, suggesting an increased buying pressure in the crypto industry. Further, the averages show a high possibility of a bullish convergence, suggesting the price will continue gaining value in the coming time. 

Also Read: This Altcoin Will Soon Join the Party: While XRP Price is Poised to Hit $2 in 2024

Will SOL Price Increase?

If the market pushes the price above the resistance level of $135, the bulls will regain momentum and prepare to test its upper resistance level of $143. Maintaining the price at that level will set the stage for the Solana token to attempt to test its resistance level of $150 by the weekend.

Conversely, if a trend reversal occurs, the SOL price will lose momentum and fall to test its support level of $125. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $117 in the coming time.

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