After a dramatic turnaround in the market, there are suddenly heated speculations about where Solana price is heading. This comes after the 5th most valuable cryptocurrency’s price dropped to less than $140 some weeks ago. Below, we will explore Solana’s price prediction for the end of May, indicators supporting its bullish momentum, and other factors to watch out for.
Bitcoin Bullish Resurgence Powers Solana Price Surge
Bitcoin, for most of May, has been revolving within the $57k to $60k range. Then suddenly, there was a bullish resurgence, which saw the price of the apex cryptocurrency increase to more than $67k. Although this is miles behind its all-time high of over $73k, it opened doors for other altcoins like Solana to enter another bullish rally. Apparently, Solana, which was previously battling below $140, surged all the way to over $170. Now, there are predictions and speculations on whether the Solana price could surpass $200 before the end of May.
Solana Price Prediction Before May End
Several technical indicators show that Solana is on the right path to surpassing $200, especially after its market valuation came close to over $80 billion. Nevertheless, Solana will need to break the $180 barrier before it can pump over $200, and this could even extend to close to $300.
The Moving Average Convergence Divergence (MACD) indicator shows bullish momentum developing around Solana Price. The MACD line is currently at 4.64, which is way above the signal line at 4.15. Furthermore, data from MoneyControl shows that the Solana Simple Moving Average (SMA) is very bullish, while the short—and long-term moving average crossovers are also very bullish.
Apparently, only the medium-term moving average crossover was bearish. Moreover, the Stochastic and MFI indicators look overbought at 98.46 and 83.51 levels, respectively. Also, the Relative Strength Index (RSI), currently at 65.06, shows Solana is experiencing massive high buying pressure.
While most indicators appear to be bullish, it is vital to explore the negative aspects of Solana’s price analysis. Assuming the market sentiment should change to bearish, Solana’s price could take a downturn and stabilize at $170, which is the nearest support level. If there’s any further bearish push here, it could tumble down to $150 or even lower.
SOL Current Price Performance
At press time, Solana’s price is still maintaining more bullish momentum, moving within the $175 and $177 range. According to CoinMarketCap, there’s an increase of more than 2% in the past 24 hours, while there’s a 22% growth in the past week. Moreover, the monthly chart shows a fantastic price recovery at over 25%. Solana’s market valuation also took a positive turn, increasing to almost $80 billion. At the time of writing, there’s also growth in the trading volume at more than $3 billion.
Conclusion
Solana’s price prediction for May shows a positive overview of the altcoins, indicating that it could end the month at over $200. Moreover, several market indicators back up this claim, including its Moving Average Crossovers, Simple Moving Average (SMA), and the Relative Strength Index. With the majority being bullish, some of them, such as the Stochastic and MFI indicators, look overbought. Thus, if Solana does not cross $200, a market downturn could see its price drop down to less than $150.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
