Solana Price Prediction: SOL Price Hints A 20% Upside Amid Market Recovery?

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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.

Moreover, the Solana price has 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:

The Solana price has successfully retested its important support level of $127, resulting in it recording a strong bullish recovery this week. Furthermore, it has jumped approximately 2% within the past day with a trading volume of $4.781 Billion.

TradingView: SOL/USDT

Notably, the SOL price is hovering close to its important support/resistance level of $155 with a drop of 4.17% within the past few hours.

With a trading price of $157.24 and a circulating supply of 446,339,138 SOL tokens, this altcoin is currently listed at 5th position with a market capitalization of $73.144 Billion. Moreover, it requires a jump of just over $1 Billion to surpass the market cap of Binance.

Solana Market Sentiments:

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

Further, the MACD indicator has recorded a constant decline in the red histogram, with its averages displaying a high possibility of 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 holds the Solana token above its support level of $155, the bulls will regain momentum and head toward its resistance level of $181.50. Maintaining the price at that level will set the stage for the SOL coin price to test its upper resistance level of $200 during the upcoming weeks.

Conversely, if the bears regain momentum, the Solana crypto will retest its support of $155. Further, if the bulls fail to regain momentum at that point, the SOL price will plunge toward its lower support level of $127 this month.