- Solana’s value elevated by greater than 20% within the final seven days.
- If the bull rally resumes, then SOL may go above $180.
Solana [SOL] managed to reclaim $175 on the 18th of Might, but it surely quickly witnessed a value correction, pushing the token’s worth down. Does this imply SOL is certain to go down additional within the coming days?
Let’s check out SOL’s present state to seek out out.
Solana again to $175
Final week was an incredible success for Solana, because the token’s value rallied considerably. Based on CoinMarketCap, SOL’s value surged by greater than 20% within the final seven days, permitting it to the touch $175.
Nonetheless, SOL couldn’t maintain that spot because it dipped.
On the time of writing, SOL was buying and selling at $174.39 with a market capitalization of over $78.2 billion.
The decline from $175 additionally had a detrimental impression on the token’s social metrics. Its Weighted Sentiment dropped sharply, that means that bearish sentiment round it was dominant out there.
Nonetheless, its Social Quantity remained steady.
![Solana's weighted sentiment dropped](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-14.10.52-19-May-2024.png)
![Solana's weighted sentiment dropped](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-14.10.52-19-May-2024.png)
Supply: Santiment
Buyers shouldn’t get disheartened, as a latest evaluation steered that SOL’s value may skyrocket. Alex Clay, a preferred crypto analyst, lately posted a tweet highlighting an fascinating improvement.
In a month-to-month timeframe, SOL displayed a rounding backside sample. If this sample checks out, then traders may quickly witness SOL attain new highs.
What to anticipate within the brief time period
AMBCrypto then analyzed SOL’s on-chain metrics to see whether or not traders ought to count on an enormous surge within the close to time period. As per our evaluation, SOL’s Funding Charge had elevated sharply.
An increase within the metric meant that derivatives traders have been shopping for SOL. Based on Coinglass’ data, SOL’s Open Curiosity additionally elevated, which could function a push for the coin’s weekly rally.
![Solana's funding rate increased](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-14.13.00-19-May-2024.png)
![Solana's funding rate increased](https://ambcrypto.com/wp-content/uploads/2024/05/Solana-SOL-14.13.00-19-May-2024.png)
Supply: Santiment
Nonetheless, considerations nonetheless stay. The coin’s fear and greed index had a worth of 75% at press time, that means that the market was in an excessive greed section. Such numbers typically end in value drops.
We then analyzed SOL’s every day chart to see which means it was headed.
The Relative Power Index (RSI) seemed fairly bullish, because it had a worth of 64. Nonetheless, the Chaikin Cash Circulate (CMF) moved within the different route. ‘
Moreover, Solana’s value had touched the higher restrict of the Bollinger Bands, indicating a doable value correction.
![](https://ambcrypto.com/wp-content/uploads/2024/05/SOLUSD_2024-05-19_14-15-45.png)
![](https://ambcrypto.com/wp-content/uploads/2024/05/SOLUSD_2024-05-19_14-15-45.png)
Supply: TradingView
Is your portfolio inexperienced? Try the SOL Revenue Calculator
If a value correction occurs, SOL’s value may fall to $173.5 as liquidation would rise sharply, which could act as a help. An additional downfall might push SOL’s value to $165. ‘
Nonetheless, if SOL manages to proceed its weekly bull run, then the token may have the ability to go above $180.
![](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-19-at-2.18.48%E2%80%AFPM.png)
![](https://ambcrypto.com/wp-content/uploads/2024/05/Screenshot-2024-05-19-at-2.18.48%E2%80%AFPM.png)
Supply: Hyblock Capital