SOL price saw a strong bearish reversal after hitting a new record high of $294.33.
The price reportedly saw a decline after facing a network congestion-like situation.
The main reason for the recent Solana network congestion is believed to be a sudden spike in transactions, spam bots, block producers, and causing delays that invalidate the block hashing of transactions.
Are you interested in understanding the short-term prospects of this altcoin? In this article, we uncover market sentiment, price analysis, and potential price targets for SOL.
SOL price records a strong bearish reversal!
SOL price is down 5.68% in 24 hours with a trading volume of $27.775B.
This led to SOL retesting its support level at $250.
However, it has risen 40.42% over the past seven days, highlighting the long-term bullish sentiment.
Moreover, with a monthly return of +39.03% and a market cap of $125.034 billion, this altcoin ranked 5th in the global cryptocurrency market.
Technical indicators for SOL:
The Moving Average Convergence Divergence (MACD) indicator is showing a continuous rise in the green chart with its averages recording an upward trend.
This suggests that the price may continue to gain momentum this week.
On the other hand, the SMA technical indicator supports the SOL price chart on the 1-day time frame. This highlights the increase in price movement.
Will SOL price go up again?
If buyers regain momentum, SOL price may retest the $270 level.
Maintaining the price above this level could pave the way for this altcoin to head towards its target price of $300 this month.
