- Solana is presently ranked fifth in the industry by market worth.
- The analyst underlines the importance of levels around $200.
The global crypto market has been sluggish, with various crypto across blockchains underperforming. Similarly, Ethereum-killer Solana moves behind the market sentiment. As the digital asset wobbles, it has fallen from fourth place in terms of market value. Solana is presently ranked fifth in the industry by market worth. An analyst sets SOL price goals. Relating the present situation’s positive and negative moves. Traders and investors are still looking for dips.
According to CoinMarketCap, the Ethereum-killer was trading at $233.52, up 2.92 percent at press time. Solana’s market cap is presently $70,702,215,315. The 24-hour trading volume is roughly $2,274,238,056. The coin’s price has fallen from its last ATH of $259.96.
Importance of Levels Around $200
The analyst explains SOL price fluctuation and direction. The digital coin had dropped into a parallel channel on the chart, post a good leg-up till September 9th. But the crypto is still rising over the trend line aiming for new highs.
The currency is now in a bearish divergence, trying to remain above the daily local support. A comeback from present levels might send the digital currency to $300 after claiming $260. However, it may fall to its support zones of $173-178. Rarely will a huge sell-out get the digital currency to near $120. The analyst underlines the importance of levels around $200.
The trend line levels are crucial for Solana, as the currency may bounce back to highs from here. The recent Breakpoint incident may increase traffic to the Ethereum-killer network.