The crypto market has displayed a sign of relief by adding approximately 2% to its market cap within the past day. Furthermore, the BTC price has successfully reclaimed the $62,000 mark, indicating an increase in the price action within the industry.
On the other hand, the SOL price failed to reclaim the $150 mark in spite of recording a jump of 5% within the past 24 hours, highlighting a strong bearish sentiment for the altcoin in the crypto space.
SOL Price Hints A Bearish Price Action:
Despite increased price volatility in the cryptocurrency industry, the Solana price continues trading in a closed range between $126.75 and $155.25 since mid-April, indicating a weak price action for the altcoin in the market.
Furthermore, the Solana (SOL) price has formed a symmetric triangle in the 1D time frame after facing repeated rejection at its resistance level of $155. Moreover, the altcoin is hovering close to its resistance trendline and is on the verge of testing it, the outcome of which is uncertain.
Positively, the SOL price has added 4.89% with a trading volume of $2.38 Billion (+64.72%) within the past day after concluding the past four days on a bearish note, indicating a possibility of a bullish price action in the coming time.
However, the Simple Moving Average (SMA) acts as a resistance to the price chart, highlighting a bearish influence in the crypto industry. Moreover, the RSI hovers close to its neutral point and hints at a potential bearish convergence, suggesting a negative outlook for the SOL price this week.
Solana’s On-chain Sentiment:
The Solana Network recorded stable activity for the first two months. However, as the volatility in the market increased, the network experienced a significant jump in active addresses from 20.9 Million to 38.81 Million, a jump of 85.69% within a month.
However, the active addresses recorded a drop of 6.72% to 36.2 Million during April, amid increased congestion issues in the Solana Network. The network has recorded an activity of 13.72 Million since the month started.
Will SOL Price Reclaim $200 Soon?
If the Solana price breaks out of the resistance trendline, the bulls will regain momentum and test its resistance level of $155.25. Furthermore, if the bulls hold the price at that level, it will prepare to test its upper resistance level of $180.75 during the upcoming weeks.
Negatively, if the bulls fail to regain momentum, the SOL coin price will plunge towards its support trendline this week. Moreover, if the bears continue to dominate the market, it will prepare to test its crucial support level of $126.75 this month.
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