The digital asset market has faced a rather volatile month, with April not being kind to a host of assets. Yet, there are a plethora of tokens that have seen their fortunes reversed over the last week. Among them is Solana (SOL), which is nearing a reversal, leading many to ponder what its ceiling is for May.
Over the last week, Solana has increased more than 6%, according to CoinMarketCap. Moreover, its ascension above the $146 mark has marginally increased over the last 24 hours. If such a reversal can find legs, could the asset increase to $200 before the month is through?
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Solana Reversal Has Traders Hoping For $200 Price This Month
Throughout 2024, Solana has been one of the most talked about networks. It was the home of some of the meme coin market newcomers that drove the industry to new heights earlier this year. Moreover, it had begun to close the gap in its ongoing challenge with the top DEX blockchain, Ethereum.
Now, many investors are hoping that a similar positive performance could be in store for its native token. Indeed, Solana (SOL) has shown signs of an impending reversal, with its ceiling for May yet to be decided.
Overall, the asset has bounced back from its ongoing price correction to trade above the critical $146 mark. However, the larger question that has revealed itself is whether or not that could pave the way to an ascension to $200 at some point this month.
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Technically speaking, Solana has not expressed dominance in any particular area. Currently, its trading volume is up 1% over the last 24 hours, reaching almost $2.4 billion at press time. In order for the asset to experience a notable rally, traders would expect that figure to be noticeably higher.
Conversely, the Relative Strength Index (RSI) is displaying a weak bear trend. This is also a rather subtle indicator of anything major being in the works as far as price movement. In order for the asset to enjoy any sustained rally, both trading volume and RSI would need to see increased activity.
However, that does not mean that Solana will be stuck at its current level. The market has ebbed and flowed extensively over the last month. Any kind of notable market sentiment could see Solana as one of the first to enjoy the positive effects. After all, the asset has increased by more than 607% in the past year.