Solana Price Watch: SOL Rallies Past $200 As Bulls Dominate, Could The Momentum Push It Toward $400?

The Solana price currently stands at $184, following a 0.03% dip over the last 24 hours. SOL has declined 10.15% over the past week. However, despite the price fall, trading volume has risen by 41.9% to reach $8 billion.

However, despite the price fall, trading volume has risen by 41.9% to reach $8 billion. Market analysts describe this surge in volume as a reflection of strong market interest and active participation from buyers.

Analyzing Solana Market Data

Data from CoinGlass shows trading volume rose by 39.17% to $25.07 billion, while open interest also climbed 0.24% to $8.88 billion.

For crypto analyst BullishBanter, Solana is currently trading at a key support level. While the altcoin stabilizes at its lower trendline at equal lows, there’s a sign of a major defense position for buyers.

For market observers, this support level is critical for determining Solana’s short-term price action. Should Solana lose this level, further dips could follow. However, if Solana rises above the current support level, analysts expect the price to increase to within the $187-$198 range.

Another analyst, BitGuru, pointed out that while Solana is in a downtrend, it is holding well above the $180 support mark. Clearly, buyers are stepping in at this level, and a Solana break above $195 could drive its price into the $210-$220 zone.

Can Solana Price Rise to $400?

These reports indicate that the broader market structure for Solana remains bearish, with consistent lower highs since the rejection at the $200 mark.

Source: CoinGecko

If Solana doesn’t record a decisive daily close above the 200 EMA with substantial volume, any uptick would likely be a temporary correction. SOL holders are watching closely to see if it retains the $180 support level or breaks in the coming days.

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