The global crypto market has been lacking interest, as several digital assets across blockchains continue to remain lackluster. Likewise, the Ethereum-killer Solana is following the market sentiments. As the digital asset stumbles from its healthy rally. The crypto has slipped down from its acclaimed fourth position by market cap ranking.
Solana is currently holding the fifth rank by market cap in the industry. An analyst gives out targets for SOL price. Relating both the positive and negative motions, from the current Meanwhile, Traders and investors remain keen on bagging some dips.
Will SOL Price Attain Its New ATH?
The Ethereum-killer at press time is trading at $227.02 with slight gains of 0.2%. The market cap of Solana is currently floating at about $68,734,682,967. While the trading volume for the last 24-hours is around $2,312,276,559. The coin has seen a downward price trajectory since its ATH of $259.96, which was about a week ago.
Analyst enlightens the movements of SOL price and its trajectory. From the chart, it is clear that the digital coin had fallen into a descending parallel channel. Post a healthy leg-up until the 9th of September. However, the crypto can be seen elevating above the trendline towards newer highs.
The digital asset is currently at a bearish divergence, where the coin is attempting to stay afloat above the daily local support. A rebound from the current levels might take the digital coin to levels of $300 post claiming levels above $260. However, the coin might plummet to its support zones around $173-$178. A massive sell-out might drag the digital coin to around $120, which is unlikely. The analyst further emphasizes that levels around $200 remain crucial.
Collectively, the levels around the trend line are vital for Solana, as the coin can rebound towards highs from these levels. We can expect, the Ethereum-killer to retrace its footsteps back to its highs, as the recent Breakpoint event could influx traffic to the network.