Solana (SOL) continues to face challenges in breaking the $155 resistance level as it struggles with volatility in the market.
In the past 24 hours, SOL has seen a marginal increase in price accompanied by a spike in daily trading volume. This rise in attention can be attributed to the revival of the Solana-based celebrity memecoin frenzy in recent days.
While Bitcoin and Ethereum experienced brief price surges fueled by the release of US CPI data, other altcoins, including SOL, have also shown signs of recovery after a dip in prices last week.
SOL’s market price has increased by 0.35% in the past 24 hours, currently trading at $152.10. The daily trading volume has also seen a notable increase of 11.01%, according to CMC data. However, the token has displayed increased market price volatility over the past week.
Despite the recent increase, SOL’s market price has struggled to break the resistance at $155 over the past month. The token experienced a decline of 11.82% last week, with a brief bearish trend reaching a weekly low of $145.82 on Wednesday. However, the latter half of Wednesday saw a price recovery.
In terms of whale movements, recent data shows modest activity. On June 12, two significant transactions involving a total of 2 million SOL took place between two pairs of different unknown wallets.
Zooming out to look at the past month, SOL’s market price has increased by 2.86%, breaking resistance levels at $145 and $150 to reach its current trading price. In mid-May, SOL’s market price hovered around the $141 range.
The token’s moving average (21MA) currently stands at $164.15, indicating a bearish trend as the current trading price is below this average. The token’s RSI stands at 41.92, suggesting an approaching selling pressure in the market. However, the year-to-date (YTD) price performance shows a significant surge of over 49.18%.
The TradingView daily chart reveals that if Solana bulls take charge, the token will face resistance at $171.85. Conversely, if a bearish turn occurs, prices could find support at $143.41. Analysts from TheNewsCrypto predict a bullish price of $342.89 for Solana in 2024.
Overall, Solana’s price struggles to break resistance, but recent market trends indicate potential for a price recovery in the near future.