SOL Reverses and Bulls Tighten Grip Above $150. $200 Target in Close Sight

SOL Reverses and Bulls Tighten Grip Above $150. $200 Target in Close Sight

Solana (SOL), the high-performance blockchain, is back in the limelight as its price reverses course and the bulls tighten their grip on the market. After a rough bearish trend period, SOL is making a strong comeback, with its sights set on the craved $200 mark.

At the time of writing, SOL is trading at $154, up 5.25% in the last 24 hours and an impressive over 14% over the last seven days. With a market capitalization of over $69 billion, Solana ranks as the fifth-largest crypto, solidifying its position as a major player in the industry.

SOL Price Chart: CoinMarketCap
SOL Price Chart: CoinMarketCap

The recent surge in SOL's price can be attributed to a combination of factors, including favorable macroeconomic data released by the Federal Reserve and investors' unwavering confidence in the project's long-term potential.

SOL Technical Analysis and Bullish Signals

A closer look at Solana's technical indicators reveals a promising picture for the bulls. On the weekly chart, the price found double support at the $125 zone from a strong downtrend since early April, forming a hammer candlestick pattern – a bullish signal to end the week last week. This was further reinforced by the overall positive macroeconomic data released by the Fed, which helped drive the price higher, closing the last weekly candle bullish.

SOLUSD Weekly Chart: TradingView
SOLUSD Weekly Chart: TradingView

Turning to the daily chart, SOL broke out of an ascending trendline on April 30th, initially disappointing investors. However, the resilience of the token was on full display as it found support at the $120 level and swiftly recovered, with several daily candles closing bullish and breaking out past the ascending trendline.

SOLUSD Daily Chart: TradingView
SOLUSD Daily Chart: TradingView

Today, SOL has opened at $145.74 and has already recorded a low of $145.44, continuing to make new highs. The Relative Strength Index (RSI) reading of 54 on the daily chart suggests ample room for further bullish activity, with key resistance levels above $160 and $168 firmly in the crosshairs.

In the 4-hour chart, the immediate resistance lies at the $160 level, acting as the first target for traders. Should the price retrace before continuing its uptrend, it is likely to retest the ascending trendline for support.

Solana's Price Prediction: Reaching $200 and Beyond

LUSD Data Chart: TradingView
LUSD Data Chart: TradingView

While the token underwent a 43% correction after hitting that peak, technical analysis indicates that the surge is far from over, with the $200 mark firmly in sight. Solana's bullish trajectory is further enhanced by the recent Bitcoin halving event in April, which has historically sparked renewed interest and capital inflows into the cryptocurrency market.

Moreover, with the possibility of an altcoin season on the horizon, Solana's upward trajectory could extend well beyond its all-time high of $260, continuing its parabolic path to even greater gains. Looking ahead, analysts predict that Solana's price could reach new heights in the remainder of 2024 and beyond, driven by its robust technology, growing ecosystem, and unwavering community support.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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