Can Bulls Push Solana Past $211 for a $222 Run?

• Solana is currently trading around the $200 mark.
• SOL’s daily trading volume has surged by over 90%.

With the neutral sentiment, the crypto market cap has fallen by over 2.78% to $3.87 trillion. Several assets have lit up the red candlesticks, diving to their recent lows. The largest assets like Bitcoin (BTC) and Ethereum (ETH) have chosen to trade on the downside at around $111.6K and $4.6K. Among the pack of altcoins, Solana (SOL) has posted a 3.61% loss. 

An analyst chart shows Solana is trading with a key resistance level at $211. If the price breaks and holds above this mark, the bullish momentum could accelerate, and draw the price to the next crucial level at $222. The upward projection exhibits a steady climb with minor pauses at $213, $217, and $220. 

The asset has visited its daily low and high at $198.65 and $213.01, respectively. At press time, Solana traded at around the $200.26 level, with a market cap of $108 billion. Meanwhile, the daily trading volume has surged by over 90.17%, reaching $13.02 billion. As per Coinglass data, the SOL market has seen a 24-hour liquidation of $45.96 million.

Will Solana Experience Deeper Price Declines?

The four-hour price chart of Solana reveals the downtrend, and the price might slip toward the support at $200.16. If the bearish pressure gains momentum, the altcoin price could plunge steeply below the $200.06 level. If the SOL’s bullish power is reinstated, the immediate resistance could be found at around $200.36. With the altcoin maintaining its upper position, the price might potentially reach a target above the $200.46 range. 

Solana’s Moving Average Convergence Divergence line is settled beneath the signal line, implying that the bearish pressure is forming. The farther the MACD moves below, the stronger the bears may be. Besides, the money flow toward the asset is positive, but not intensely, as SOL’s Chaikin Money Flow (CMF) indicator is found at 0.11. It points to mild buying pressure in the market. Since the value is above zero, it leans towards the bullish zone. 

Furthermore, the ongoing market sentiment of Solana rests in the neutral to slightly bullish zone, as the daily Relative Strength Index (RSI) is at 55.03. It suggests a steady price action with room to move in either direction. The Bull Bear Power (BBP) reading of 4.13 indicates that the bulls currently have the upper hand in the SOL market. Notably, with the bulls pushing the altcoin price above, the trend reinforces the bullish sentiment.

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