Solana Price Drops 2% as Bulls Aim for a Rebound above $200

Highlights:

• Solana’s price drops 2% to $190.78 as the crypto market faces waning momentum.
• Solana’s daily trading volume has soared 6%, signaling renewed investor confidence.
• A close and break above the $200 mark may see the Solana price rally to $246 in the near term. 

The Solana price has dwindled 2% to $190.78 as of the time of writing. This comes following the waning momentum in the crypto market, which has seen the market cap plummet by 3.5% in the past 24 hours. However, its daily trading volume has increased by 6% to 2.39 billion, suggesting renewed interest in the token.

Solana Statistical Data

Based on CoinmarketCap data:

• SOL price now – $190.78
• Trading volume (24h) – $2.39 billion
• Market cap – $92.66 billion
• Total supply – 591.21 million
• Circulating supply – 479.73 million
• SOL ranking – #6

Solana Price Pushes into Consolidation: Will the Bulls Breakout?

While the public eagerly waits for Solana to rally into the New Year, SOL continues to trade above the $190 mark. Although the price of SOL has failed to rise above $200, the bulls are still playing their cards, which might lead to a breakout. Solana’s ongoing bullish trend may extend to create a breakout rally, having had a positive recovery last week. This is supported by the altcoin’s emergence of a consolidation phase in the daily chart timeframe. This might act as an accumulation period, propelling the Solana Price above the $200 psychological level. 

Meanwhile, the Bitcoin price is hovering around the $93,000 mark, following the overall bearish trend in cryptocurrency. Solana is also down 2% at the time of writing as the bulls and bears strive to take control. Currently, the support level of $168 enables the Bulls to have the upper hand. However, to be safe, the bulls must bring down the $221 resistance barrier to enable already sidelined traders to join the trend without any fear of price correction.  

The RSI has plunged below the 50-mean level, currently at 42.07. This suggests bearish sentiment in the Solana market. In this scenario, if the bulls don’t build momentum, the RSI might drop to the oversold region, painting the market bearish.

The MACD indicator maintains a bearish outlook as it sits below the orange signal line. However, a closer look shows that it is on the verge of making a crossover. Until then, traders are at liberty to sell their tokens unless the MACD changes.

Solana Price Targets

According to the one-day chart analysis, the odds tend to tilt towards the bears. If both the MACD and RSI break below their supporting trendlines, the Solana price could extend the fall. Notably, even the MACD’s histograms are paling out, suggesting waning momentum, which tilts the odds further in favor of the bears. A break and close below the $176 mark would solidify the case for the Bears.

On the other hand, if the bulls recover the market and the RSI bounces atop its trendline, the Solana price could climb again. A break and close above the $200 level would confirm the bulls’ case. In such a case, the bulls may rally the Solana price to the $247 mark.