The digital asset market has had quite a volatile month, with April not being particularly kind to a large number of assets. Yet there is a glut of tokens whose fortunes have reversed in the past week. Among them is Solana (SUN)that a turnaround is approaching, leaving many wondering what the ceiling for May is.
According to figures, Solana is up more than 6% in the past week CoinMarketCap. Moreover, the rise above the $146 mark has increased marginally over the past 24 hours. If such a reversal occurs, could the value rise to $200 before the month is out?
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Solana Reversal has traders hoping for a price of $200 this month
Throughout 2024, Solana was one of the most talked about networks. It was home to some newcomers to the meme coin market who took 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) is showing signs of an impending reversal, with the May ceiling yet to be set.
Overall, the asset has recovered from the ongoing price correction and traded above the critical USD 146 mark. The bigger question that has emerged, however, is whether or not this could pave the way for a surge to $200 sometime this month.
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Technically, Solana has not expressed a dominant position in any area. Currently, trading volume is up 1% over the past 24 hours, reaching almost $2.4 billion at the time of writing. For the asset to stage a notable rally, traders would expect this figure to be noticeably higher.
Conversely, the Relative Strength Index (RSI) is showing a weak bear trend. This is also a rather subtle indicator that something major is afoot in terms of price movements. In order for the asset to enjoy a sustainable rally, both trading volume and the RSI must see an increase in activity.
However, that does not mean that Solana will remain at the current level. The market has gone up and down considerably over the past month. With any notable market sentiment, Solana could be among the first to benefit from the positive effects. After all, assets have increased by more than 607% in the past year.