Solana has been struggling to break back above $200 for a month now. It briefly hit $208 in March, but quickly fell back down.
Why the Drop?
Solana’s parabolic rise from October 2023 to April 2024 created an overheated market that needed to correct. The popularity of Solana meme coins and the overall bullish crypto market fueled the rise.
Bullish Signs
Despite the recent drop, indicators are now flashing bullish for Solana.
Analysts’ Predictions
Several analysts believe Solana is poised to regain its bullish momentum and surpass $200 again.
Key Price Levels
As of writing, Solana is trading at $145. Key price levels to watch during its next move include:
- Resistance: $158, $175, $185
- Support: $140, $120
Market Sentiment
While the overall crypto market sentiment is neutral, it remains favorable for a SOL price recovery.
