Solana struggles to break the $201 resistance level amidst market uncertainties, despite favorable conditions that suggest potential recovery. Investor confidence remains a major concern.
The Market Value to Realized Value (MVRV) ratio for Solana stands at 1.40, indicating the cryptocurrency is not overvalued, which is crucial for maintaining market stability. However, a lack of sustained buying activity and investor skepticism continue to impact Solana's performance.
Currently trading at $195, Solana maintains an upward trendline, suggesting a positive macro-outlook. The potential to turn the $201 resistance into support remains, but investor sentiment needs to shift for higher price targets like $221.
If Solana fails to break the $201 barrier, prices may fall below $200, risking investor confidence and a decline towards the $183 support level.