Solana Price Dips 0.17% Despite 9% Weekly Gain

The global crypto market rally has begun to cool down, with the Solana price maintaining its level above $160, indicating sustained investor interest. However, some top altcoins have seen muted gains, suggesting a pause in investor activity after a robust week. Despite losing some of its recent gains, analysts remain optimistic about Solana, viewing the current pullback as a healthy movement in the bull market. This pullback is seen as a natural occurrence when an asset records strong gains, allowing investors to exit the market to book profits and causing short-term pressure on the asset.

Solana price has experienced a slump of over 0.17%, but it has maintained its brief $162 support. During the writing, the SOL price was exchanging hands at $162.17. Despite this slump, market interest in the asset remained strong, as indicated by the rise in SOL Futures Open Interest by more than 3%. The Relative Strength Index (RSI) of the asset stayed at 59, indicating a neutral state. Many analysts anticipate a potential upside for the crypto in the near future.

Despite the broader crypto market staying in the green, with the global crypto market cap rising around 0.45% to $3.68 trillion, Solana's price has slipped. Among the top ten cryptocurrencies, there was a mixed performance, with some trading in red and others in the green. Bitcoin price slipped marginally to around $117,899, while ETH price was down around 0.45% to $2,953.

Despite the recent loss, Solana price has recorded a surge of over 9% in the weekly chart and has added around 2.5% over the last 30 days, indicating strong confidence among market participants. Analysts have shared insights on its potential future movement, with most market pundits remaining bullish despite acknowledging short-term challenges in the asset. Prominent analyst Ali Martinez has predicted a potential 17% move for the SOL price, stating that a close above $158 could send the SOL price to $185. Martinez shared the prediction when the crypto was trading around $156.

A renowned analyst, The Alchemist Trader, shares a similar bullish sentiment, citing a potential formation of a rare bullish harmonic pattern. This pattern suggests a possible sweep of the $95 low before a reversal targets the $200 region. The analyst notes that critical resistance levels will play a key role in determining SOL’s short-term trajectory. If Solana fails to break through the resistance cluster with conviction, it may lead to a C-leg rejection within the emerging bullish harmonic pattern, potentially sending the Solana price back down to $95. However, despite the short-term bearish sentiment, the analyst is optimistic over a potential run to over $200 for the asset.