Can Solana (SOL) Achieve $200 in May?

• Enjoyment is brewing as investors’ feelings toward SOL took a bearish change in the past 24 hours!
• Why the optimism? Specified indicators are pointing towards a probable cost surge for SOL quickly!

Recently, Solana’s [SOL] price expert a fall, triggering some concern amongst traders. But there’s hope for a turnaround. If the pattern shifts, we may possibly see SOL climbing back again to $200 in no time!

Solana’s Latest Slide

The previous day has not been sort to buyers, with Solana’s cost plummeting by about 6%.

In accordance to CoinMarketCap, at the time of composing, SOL was trading at $134.70, with its industry cap exceeding $60.2 billion. This sizeable price fall had ripple outcomes on SOL’s social metrics.

The Weighted Sentiment took a sharp decline, signaling a prevailing bearish sentiment all around the token.

But that’s not the whole story. All through our investigation, AMBCrypto observed a descending channel on SOL’s 12-hour chart.

If Solana breaks out of this pattern, a bullish trend could arise in the near long term, probably foremost to a restoration and a return to the $200 mark.

Source: TradingView

Possibilities of SOL Achieving $200

By diving into SOL’s on-chain facts, AMBCrypto investigated the probability of a breakout from this pattern. According to Santiment’s data, SOL’s volume observed a steep decline together with its price.

This implies that the bearish development may well not be sustainable in the lengthy operate.

When the Open Fascination mirrored this downtrend, hinting at a potential reversal, the significant Funding Charge offered a bearish sign.

Supply: Santiment

Specialized indicators like MACD indicated favor in direction of sellers with a bearish crossover. Moreover, SOL’s Relative Toughness Index (RSI) displayed a downtrend, hinting at more rate drop.

Despite remaining in a considerably less unstable zone according to Bollinger Bands, suggesting a slender possibility of a sudden value surge, the bullish Income Flow Index (MFI) features some optimism.

Supply: TradingView

Though a bearish trend is foreseeable, Hyblock Capital’s info factors in direction of feasible resistance concentrations for a bullish rally if it unfolds.

Curious about Solana’s [SOL] Price tag Prediction for 2024-25? Dive in!

Our evaluation reveals that SOL’s liquidation could climb around $146. To sustain a bull run, SOL should surpass this stage. A essential hurdle at $160 awaits, with potential liquidation spikes. Clearing this hurdle could pave the way for SOL’s journey to $200.

Source: Hyblock Money