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Solana price analysis reveals SOL has remained around $140 despite several attempts to break above this level. This level has become a point of interest among traders and analysts as SOL battles towards higher levels in a bearish crypto market environment.
At present the current trading price for Solana is $135.03 and its 24-hour trading volume stands at approximately $2.46 billion. Despite some efforts to go higher, SOL met with strong resistance near the $140 mark and could not stick above it for more than eight days running now. The persistence of this resistance is indicative of an overarching market trend that shows investor sentiment has been cautious, particularly in light of Bitcoin’s failure to retake the sixty thousand dollar (60K) level.
On the technical side, Solana is trending beneath key Simple Moving Averages - the 21-day SMA, 50-day SMA, and the vital 200-day SMA. However, it has maintained its position below these moving averages representing different timeframes for almost two weeks now indicating that bulls are still far from shaking bears off their back previously supported by these SMAs.
The Moving Average Convergence Divergence (MACD) for Solana suggests caution; although the MACD line lies above its signal line which indicates weak bullish momentum. Additionally, the Relative Strength Index (RSI) is standing at 45.0 in the neutral zone, with neither overbought nor oversold conditions thus complicating predictive analysis further.
Solana’s price direction is largely impacted by Bitcoin’s performance as BTC continues to trade below $60K levels. As a result, the whole market including altcoins like Solana believed to mirror Bitcoin’s volatility. Today, a subdued crypto environment can be traced back to major coins' failure to find positive momentum hence dampened sentiment towards the market by investors as well as traders.
In a recent X analysis, an analyst made a strong case for the future performance of Solana (SOL) while drawing some intriguing similarities between SOL’s recent price action and Ethereum’s historical price patterns. The period of abundant liquidity and loose monetary policies saw Solana rise to $240 before it plummeted to around $8 in November 2022 during crypto market turbulence such as FTX and Alameda Research collapse; thus this indicates that its price actions after 2018 mimics those of Ethereum.
The same happened with Ethereum when it reached approximately $1,400 but fell below $100 wiping off most gains from the previous bull cycle. Nevertheless, after losing over 95% of its value within a couple of years it rose more than twentyfold relative to its trough. In light of this analogy, there is similar potential for Solana considering that both altcoins experienced almost equal price corrections.
