Altcoins
Best Solana-Based Altcoin to Buy as SOL Price Aims to Hit $200!
With the Bitcoin price As it heads towards its $70,000 mark, the cryptocurrency market has managed to regain momentum by recording a significant jump in its valuation over the past few days.
Moreover, Solana price has shown a strong bullish reversal by breaking above its important resistance level. With the rising bullish sentiment, is it a good time to buy Solana Chain tokens?
Are you considering investing in the Solana ecosystem? Scroll down because in this article, we have covered the market sentiments, price analysis, and possible short-term price targets of the Solana and Raydium crypto tokens.
Solana Price Sees Increased Bullish Action:
After having evolved in a bearish climate for a brief period, the SOL Price managed to regain momentum and added 35.39% in July. This 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 been showing a steady rise towards the oversold zone on the 1D time frame. Moreover, the average trendline is consistently supporting the price chart. This suggests an increase in buying pressure over selling pressure for the Solana Price on the market.
If the market continues to move in a bullish mood, SOL price will prepare to test its resistance level of $210. Conversely, a bearish reversal could lead to the Solana crypto falling towards its lower support level of $155 in the coming time.
Read also : Solana Price Analysis: Here’s What Could Happen If SOL Price Hits $200 This Week!
Raydium (RAY) price evolution:
Amid increased price volatility in the cryptocurrency sector, Raydium price surged by 10.27% in the last day with a trading volume of $37.48 million. Moreover, with a YTD return of 108.39% and a market cap of $689.94 million, it secured the 99th position in the global cryptocurrency list.
TradingView: RAY/USDT
The Moving Average Convergence Divergence (MACD) has consistently registered a green histogram since the beginning of the month, highlighting a long-term bullish sentiment. Furthermore, the averages are showing an uptrend, indicating that RAY price will continue to gain value this week.
If the bulls sustain the Raydium price above its support level of $2.410, it will prepare to test its upper resistance level of $3.350 in the coming time. However, if the bears gain the upper hand over the bulls, the altcoin will lose its momentum and could retest its low of $1.90.