- Solana price witnessed an upsurge to $175K on May 18.
- The price hike has pushed the altcoin toward an overbought state in terms of RSI.
- Analysts expect Solana to hit $200 by this month’s end.
Solana market price took a bullish turn for the third consecutive day on May 18, finding support at the $170 mark. The upward movement propelled the price above $175 momentarily today, elevating the price to a five week high. Solana price had faced a crucial juncture earlier this week.
The altcoin has shown an increase of 32.33% this month with prices recovering from the $130 level. Solana prices had shown a potential for both a price breakout and breakdown during the week. The recent upsurge indicates the possibility of a bullish victory after the consolidation phase.
Solana 24H Price Analysis
At the time of writing, SOL is trading at $174 sustaining the upsurge since May 16. It has exhibited a 4.35% increase in the past 24 hours as per data from CMC. Solana’s price hit the crucial $170 mark in the latter hours of May 17. It continued the hike closing in on the $176 range, before sliding down to $174.
Moreover, the crypto asset has exhibited a 4.27% increase in market cap at 78.23B while trading volume in the past 24 hours declined by 21.01% according to CMC data. Furthermore, the price hike has instigated an overbuy situation in the market with an RSI Index of 74.69.
Zooming out, Solana price performance for the week stands at positive 19.94% according to data from Trading Value. The altcoin was trading at market prices of $139 and $140 at the week’s start. Additionally, in the past month, prices had soared to $172 but were followed by strong bearish runs right afterward.
Furthermore, Solana’s prices are predicted by analysts to surge to a yearly high of $750 by 2030. In 2024, Solana is expected to reach a yearly high ranging at the $340 mark and the bearish price is expected to be $83. Additionally, analysts expect that SOL will likely hit $200 by this month’s end.
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