Solana, struggled to return to the rising levels of the past month, and SOL had reached $208 on March 18 after a strong price increase spread over five months, but this transition above $200 was very short-lived and Solana fell to $167 before reaching $203 again on April 1 under selling pressure.
The Process Experienced on the Solana Front
Solana’s parabolic price increase from October 2023 to April 2024 led to an inevitable correction after an extreme rise in the market. This rise gained further momentum mostly due to the popularity of Solana-centered memecoin projects and the general crypto market greed led by Bitcoin.
This increase saw Solana briefly surpass BNB in market value rankings after completely displacing XRP and ADA. However, when the greed ended, Solana’s price began to correct along with the rest of the market. According to a crypto analyst known as Inmortal, this step was the last major price correction for Solana in the current market cycle.
As a result, Solana is currently finding itself around a minor support level of $140. According to the SOL chart shared by Inmortal on social media, the cryptocurrency is now ready to move towards its all-time high of $320.
Inmortal is not the only analyst predicting an upward movement for Solana. Analysts Maximilian FX and Orson Fawley also believe that Solana is ready to surpass the $200 price barrier again.
What to Expect for Solana?
As of the writing of this article, Solana, is trading at $145, a drop of over 30% from its highest level of the year at $208. After such a sharp decline, Solana has formed some important price levels to watch in its next major move. The first notable price resistance is at $158.
If Solana can rise above $160, this step could indicate that the correction has ended and the upward trend is continuing. Other resistance levels on the journey to $200 are around $175 and $185. On the other hand, a drop below $140 carries the risk of progressing towards the next main support level at $120. Although the general crypto market sentiment is currently neutral, the environment continues to be favorable for SOL’s price recovery.
