Solana price experienced a surge to $175K on May 18th, reaching an overbought state in terms of RSI. Analysts predict that Solana will reach $200 by the end of this month. The market price of Solana has been on a bullish trend for the third consecutive day, finding support at the $170 mark. The price briefly surpassed $175 today, reaching its highest point in five weeks. Earlier this week, Solana price faced a critical juncture.
This month, the altcoin has seen a 32.33% increase, recovering from the $130 level. There were indications of both a price breakout and breakdown during the week, but the recent surge suggests a potential bullish victory after a consolidation phase.
As of now, SOL is trading at $174, sustaining the surge since May 16. In the past 24 hours, it has experienced a 4.35% increase. On May 17, Solana’s price reached the crucial $170 mark and continued to climb, approaching the $176 range before dropping back down to $174.
Additionally, Solana’s market cap has increased by 4.27% to $78.23B, while the trading volume in the past 24 hours has decreased by 21.01%, according to data from CMC. The price surge has also led to an overbought situation in the market, with an RSI Index of 74.69.
Looking at the bigger picture, Solana’s price performance for the week stands at a positive 19.94% according to Trading Value data. At the start of the week, the altcoin was trading at market prices of $139 and $140. In the past month, prices reached a high of $172 but were followed by strong bearish runs.
Furthermore, analysts predict that Solana’s prices will reach a yearly high of $750 by 2030. In 2024, it is expected to reach a yearly high of around $340 and a bearish price of $83. Analysts also anticipate that SOL will likely hit $200 by the end of this month.
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