Solana’s price experienced a surge on May 18, reaching $175K. This increase has pushed the altcoin into an overbought state according to the RSI indicator. Analysts are optimistic that Solana will reach $200 by the end of this month.
On May 18, Solana’s market price took a bullish turn for the third consecutive day, finding support at the $170 level. This upward movement briefly pushed the price above $175, reaching its highest point in five weeks. Earlier in the week, Solana’s price was at a critical juncture.
During this month, the altcoin has seen a 32.33% increase in price, recovering from the $130 level. There were indications of both a potential price breakout and breakdown throughout the week. However, the recent surge suggests a potential bullish outcome after a consolidation phase.
As of now, SOL is trading at $174, sustaining the upward trend since May 16. In the past 24 hours, it has seen a 4.35% increase, according to data from CMC. On May 17, Solana’s price surpassed the crucial $170 mark and approached the $176 range before settling at $174.
Furthermore, the crypto asset’s market cap has increased by 4.27% to $78.23B, while the trading volume in the past 24 hours has decreased by 21.01%, as reported by CMC data. The price surge has also triggered an overbought situation in the market, with an RSI Index of 74.69.
Looking at Solana’s performance over the week, it has recorded a positive increase of 19.94%, according to Trading Value data. At the beginning of the week, the altcoin was trading at market prices of $139 and $140. However, there were strong bearish runs after prices soared to $172 in the previous month.
Furthermore, analysts predict that Solana’s prices will reach a yearly high of $750 by 2030. In 2024, it is expected to reach a yearly high of around $340, with a bearish price of $83. Additionally, analysts anticipate that SOL will likely reach $200 by the end of this month.
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