{"id":393185,"date":"2024-05-20T04:30:34","date_gmt":"2024-05-19T23:00:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=393185"},"modified":"2024-05-19T15:17:11","modified_gmt":"2024-05-19T09:47:11","slug":"solana-hits-175-faces-pullback-whats-next-for-sol","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-hits-175-faces-pullback-whats-next-for-sol\/","title":{"rendered":"Solana hits $175, faces pullback: What&#8217;s next for SOL?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Solana\u2019s price increased by more than 20% in the last seven days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">If the bull rally resumes, then SOL might go above $180.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/solana-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Solana [SOL]<\/span><\/a><span style=\"font-weight: 400;\"> managed to reclaim $175 on the 18th of May, but it soon witnessed a price correction, pushing the token\u2019s value down. Does this mean SOL is bound to go down further in the coming days?<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Let\u2019s take a look at SOL\u2019s current state to find out.\u00a0<\/span><\/p>\n<h4><b>Solana back to $175<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Last week was a tremendous success for Solana, as the token\u2019s price rallied substantially. According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, SOL\u2019s price surged by more than 20% in the last seven days, allowing it to touch $175.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, SOL couldn\u2019t hold that spot as it dipped. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, SOL was trading at $174.39 with a market capitalization of over $78.2 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The decline from $175 also had a negative impact on the token\u2019s social metrics. Its Weighted Sentiment dropped sharply, meaning that bearish sentiment around it was dominant in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, its Social Volume remained stable.<\/span><\/p>\n<figure id=\"attachment_393186\" aria-describedby=\"caption-attachment-393186\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024.png\"><img decoding=\"async\" class=\"wp-image-393186 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024.png\" alt=\"Solana's weighted sentiment dropped\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.10.52-19-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-393186\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Investors shouldn\u2019t get disheartened, as a recent analysis suggested that SOL\u2019s price might skyrocket. Alex Clay, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/twitter.com\/cryptclay\/status\/1791834025000046920?t=82c7VhKMCWGa5LJINE_o2w&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting an interesting development. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a monthly time frame, SOL displayed a rounding bottom pattern. If this pattern tests out, then investors might soon witness SOL reach new highs.\u00a0<\/span><\/p>\n<h4><b>What to expect in the short term<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto then analyzed SOL\u2019s on-chain metrics to see whether investors should expect a massive surge in the near term. As per our analysis, SOL\u2019s Funding Rate had increased sharply. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A rise in the metric meant that derivatives investors were buying SOL. According to Coinglass\u2019 <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/SOL\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">, SOL\u2019s Open Interest also increased, which might serve as a push for the coin\u2019s weekly rally.\u00a0<\/span><\/p>\n<figure id=\"attachment_393187\" aria-describedby=\"caption-attachment-393187\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024.png\"><img decoding=\"async\" class=\"wp-image-393187 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024.png\" alt=\"Solana's funding rate increased\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solana-SOL-14.13.00-19-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-393187\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, concerns still remain. The coin\u2019s <\/span><a href=\"https:\/\/cfgi.io\/solana-fear-greed-index\/1d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\"> had a value of 75% at press time, meaning that the market was in an extreme greed phase. Such numbers often result in price drops. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We then analyzed SOL\u2019s daily chart to see which way it was headed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The Relative Strength Index (RSI) looked pretty bullish, as it had a value of 64. However, the Chaikin Money Flow (CMF) moved in the other direction. &#8216;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, Solana\u2019s price had touched the upper limit of the Bollinger Bands, indicating a possible price correction.\u00a0<\/span><\/p>\n<figure id=\"attachment_393188\" aria-describedby=\"caption-attachment-393188\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45.png\"><img decoding=\"async\" class=\"wp-image-393188 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-19_14-15-45-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-393188\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SOL Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">If a price correction happens, SOL\u2019s price might fall to $173.5 as liquidation would rise sharply, which might act as a support. A further downfall could push SOL\u2019s price to $165. &#8216;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if SOL manages to continue its weekly bull run, then the token might be able to go above $180.<\/span><\/p>\n<figure id=\"attachment_393189\" aria-describedby=\"caption-attachment-393189\" style=\"width: 2774px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-393189 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM.png\" alt=\"\" width=\"2774\" height=\"1428\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-768x395.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-1536x791.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-2048x1054.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-19-at-2.18.48\u202fPM-1200x618.png 1200w\" sizes=\"(max-width: 2774px) 100vw, 2774px\" \/><\/a><figcaption id=\"caption-attachment-393189\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Solana\u2019s price dropped slightly after reclaiming $175, but the price decline might not continue further.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":393192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,6376,20],"tags":[6427],"class_list":["post-393185","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-solana-news","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Solana hits $175, faces pullback: What&#039;s next for SOL? 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