Solana Price Prediction: Can SOL Surpass $200 By March End?

• 1 Solana price is down nearly 1.79% and was trading close to $176.2 at the time of writing. 
• 2 The 20-Day exponential moving average may act as a dynamic support and try to prevent the price fall.

The Solana price is trading in red for the second consecutive day and continued to erase the recent gains after taking a rebound from the 20-Day EMA. The bears are attempting for a firm footing near the recent swing high and psychological level of $200 level.

Moreover, the SOL crypto witnessed a breakout above the $125 level in the last week of February. The breakout above the recent swing high triggered a short term bull run in the market and the price gained nearly 60% in the next two weeks to claim its presence near an important psychological level of $200. 

However, the bears turned aggressive and the price dropped towards the dynamic support of 20-Day EMA in the last few sessions. The bears are attempting to drag the price lower on Friday and reclaim their dominance near the recent supply of $200 level.  

Solana Crypto Volume Analysis

The volume analysis shows that the SOL crypto received nearly $4.87 Billion volume inflow in the past 24 hours which is 38.9% less than the previous day suggesting a drop in the recent sessions. 

It has a live market capitalization of $79.45 Billion and stands 5th in the overall crypto market according to market cap. The volume to market capitalization ratio for Solana is 6.12%.

Moreover, it has a current circulating supply of 443.95 Million SOL tokens against a total supply of 572.276 Million SOL tokens. 

Volatility And Weighted Sentiments Insights

Moreover, the volatility has risen in the last few sessions indicating the increasing instability in the price near the higher levels. Recently, the crypto suffered rejection after hitting an important psychological level of $200 and dropped lower. 

The rise in volatility and decline in the price suggests a profit booking after a short term bull run. Moreover, the crypto experienced a breakout in the last week of February after the breakout of $125 level and gained nearly 60% to hit $200 in the next two weeks. 

Solana Price: Social Users Participating The Trend!

The social dominance of the Solana crypto has been on the rise since the very beginning of March 2024 along with the price rise. The SOL crypto has added nearly 60% to its market cap during this period. 

Also, the X followers curve displays a positive trajectory in the last few weeks. Number of X followers jumped from nearly 8K in February to 27K in the last few sessions.

Solana Price Prediction March 2024

   

The short term trend still favors the bullish side as the bears are trying but are unable to drag the price below the 20 and 50-Day EMAs. Moreover, the long term trend is also positive which may keep on attracting the buying volume inflow until there is strength in the short term. 

On the higher side, the $200 level may act as a strong hurdle for the bulls. The SOL price may resume towards the next yearly high if the bulls surpass the $200 supply level. 

Also, for the bears to defend the $200 level and establish their domination, the SOL price needs to break below the recent support of the $160 level and 20-Day EMA.  

Conclusion

The Solana price has recently suffered rejection from a psychological level of $200 after a short term bull run. The crypto has been forming an upward trajectory since breakout in the last week of February.

The bears are attempting to defend the $200 level and establish thor dominance. However, the long term trend is positive which may invite more buyers near the dynamic support of 20 days. The $200 level is the recent hurdle for the buyers, the breakout of which may unlock the price reach towards the higher level of $225 and $250. 

Technical levels:

• Support Levels: $161.62 and $122.6
• Resistance Levels: $204.09 and $224.86

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.