Solana (SOL) Coin Price Records Increased Bullish Action: Will SOL Price Reclaim $200 This August?

The cryptocurrency market continues to record increased price action with top tokens constantly experiencing significant gains and losses within a short period this week. However, with a jump of 7.23%, the price of Bitcoin has successfully reclaimed the $61K mark.

Cryptocurrency market price action has been on a roller coaster ride this week, with top tokens experiencing both significant gains and losses within a short period. However, with a jump of 7.23%, Bitcoin's price has managed to reclaim the $61K mark.

Moreover, the Solana price has also displayed a similar action by breaking out of its important resistance level. With the rising market volatility, is this the right time to invest in SOL price for the upcoming crypto bull run?

SOL Coin Price Records Increased Bullish Action:

Solana's price has successfully retested its important support level at $127, leading it to record a strong bullish recovery this week. Furthermore, it has risen by approximately 2% over the past day, with a trading volume of $4.781 Billion.

Interestingly, the SOL price is nearing its crucial support/resistance level at $155, showing a drop of 4.17% within the past few hours.

At the time of writing, this altcoin is trading at a price of $157.24, with a circulating supply of 446,339,138 SOL tokens and is currently ranked 5th, boasting a market capitalization of $73.144 Billion. Notably, it needs a surge of just over $1 Billion to surpass Binance's market cap.

Solana Market Sentiments:

The Simple Moving Average (SMA) on the 1D time frame is showing a bullish convergence, indicating an increase in buying pressure for the SOL crypto token in the market.

Moreover, the MACD indicator has recorded a continuous decline in the red histogram, with its averages displaying a high potential for a bullish convergence. This suggests a positive outlook for the altcoin in the coming time.

Will SOL Price Reclaim $200 This August?

If the market sustains the Solana token above its support level at $155, the bulls will regain momentum and drive the price toward its resistance level at $181.50. Holding the price at that level will pave the way for the SOL coin price to test its upper resistance level of $200 during the upcoming weeks.

On the other hand, if the bears gain momentum, the Solana crypto will retest its support at $155. Furthermore, if the bulls fail to gain momentum at that point, the SOL price will drop toward its lower support level of $127 this month.

The above is the detailed content of Solana (SOL) Coin Price Records Increased Bullish Action: Will SOL Price Reclaim $200 This August?. For more information, please follow other related articles on the PHP Chinese website!