The cryptocurrency market has seen bearish price action for the fourth consecutive day, highlighting the increasing negativity within the crypto space. Additionally, top coins have lost momentum this week as Bitcoin and Ethereum tokens linger around their important support levels.
On the other hand, the SOL price has failed to maintain its bullish momentum in the past few days. This has caused it to erase its weekly gains. With the rising volatility in the cryptocurrency market, can the Solana price reclaim $200 this August?
In this article, we will take a deep dive into the Solana (SOL) crypto token’s market sentiment, price analysis, and possible short-term price targets.
SOL price opens the month with a drop, is a big drop coming?
This week, Solana cryptocurrency price plunged 7.83% in the last 24 hours, with a trading volume of $3.523 billion and a gain of +37.44%, as selling pressure intensified in the cryptocurrency market. Moreover, it has fallen by about 13% this week, indicating a poor outlook in the coming days.
Notably, altcoins have seen a significant upward trend in their portfolio over the past few weeks, rising by 32.06%. However, the SOL token failed to maintain its value above $190, leading to its recent price plunge.
It is speculated that the main reason for the recent decline is the natural adjustment or increased volatility of the cross-border financial system.
Solana Market Sentiment:
The SMA indicator is about to make a bearish crossover in its price chart, suggesting a poor outlook for the altcoin this week.
The Relative Strength Index (RSI) is experiencing a bearish convergence on the 1D timeframe and is showing a sharp decline towards the neutral point. This highlights the increased selling pressure on the price of the SOL token in the cryptocurrency space.
Will SOL price reach $200 this year?
If there is a bullish reversal in the cryptocurrency market, then Solana price will regain momentum and move towards the resistance at $181.50 this month. Sustaining the price at this level could result in the altcoin being ready to test its important resistance zone above $190.
Conversely, if the bears continue to dominate the cryptocurrency space, the SOL cryptocurrency price might drop to its important support level of $155 in the coming period.
