Altcoin
Top Solana Based Altcoin to Buy as SOL Price Aims to Hit $200!
With the Bitcoin price Heading towards the $70,000 milestone, the cryptocurrency market has regained momentum, recording a notable jump in valuation over the past few days.
Additionally, Solana price has shown a strong bullish reversal, breaking its important resistance level. With the growing bullish sentiment, is this the right time to buy Solana Chain tokens?
Thinking of investing in the Solana ecosystem? Scroll down because in this article, we have covered the market sentiment, price analysis, and possible short-term price targets of Solana and Raydium cryptocurrencies.
Solana Price Sees Bullish Action on the Rise:
After operating in a bearish climate for a short period, the Price SOL It has successfully regained momentum and gained 35.39% in July. This has allowed it to break out of its important resistance zone and head towards its target price of $200.
TradingView: SOL/USDT
The technical indicator, RSI, has shown a steady rise towards the oversold range in the 1D time frame. Also, the average trend line is consistently supporting the price chart. This suggests an increase in buying-overselling pressure for the Price Solana in the market.
If the market continues to trade with a bullish sentiment, SOL price will prepare to test its resistance level of $210. On the contrary, a bearish reversal could send Solana cryptocurrency plummeting towards its lower support level of $155 in the near future.
Read also: Solana Price Analysis: Here’s What Could Happen If SOL Price Hits $200 This Week!
Raydium (RAY) Price Action:
Amidst increased price volatility in the cryptocurrency space, Raydium price jumped 10.27% in the past day with a trading volume of $37.48 million. Furthermore, with a YTD return of 108.39% and a market cap of $689.94 million, it has secured the 99th position in the global cryptocurrency list.
The Moving Average Convergence Divergence (MACD) has been consistently green histogram since the beginning of the month, highlighting a long-term bullish sentiment. Additionally, the averages are showing an uptrend, indicating that RAY price will continue to gain value this week.
If the bulls keep Raydium price above its $2,410 support level, it will prepare to test its upper resistance level of $3,350 in the near future. However, if the bears overpower the bulls, the altcoin will lose momentum and might retest its low of $1.90.