Solana price prediction: SOL, the token powering one of the the industry’s leading layer 1 protocols, hovers at $148 after the push for new 2024 highs hit a snag at $150. There are signs of consolidation or sideways trading taking place before the next breakout toward the coveted target of $200.
Up a modest 3% in the last 24 hours, Solana price boasts $65 billion in market capitalization while attracting $5.5 billion in trading volume.
Solana Price Prediction: SOL’s Bullish Rectangle Pattern Breakout Looms
The climb to $150 can be attributed to positive sentiment in the market. Most altcoins have been on the move in tandem with Bitcoin price, which hit a new all-time high above $72,000 on Monday.
According to the four-hour chart, Solana moves in a new pattern where it explodes hitting new levels, followed by a period of consolidation ahead of another bigger breakout.
Two key levels stand out Solana’s many levels — the support at $140 and resistance at $150, forming a bullish rectangle pattern.
The ongoing oscillation movement in the rectangle is an opportunity for investors to re-accumulate SOL for more gains in the long run. By breaking the hurdle at $150, FOMO might ignite a huge rally eyeing $200.
A bullish rectangle pattern implies that following the sideways trading, Solana has the potential to continue with the previous vertical trend. Initially, traders should plan for a move as big as the width of the rectangle but since this is a bull market, Solana could see a parabolic move.
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Apart from the seller congestion at $150, the path of least resistance is neither upward or downward. In other words, demand and supply are relatively equal, explaining the doldrums in the rectangle.
The Relative Strength Index (RSI) neutral at 57 is poised for a trend reversal by breaking the trendline resistance. Flipping the trendline could catalyze the next move in SOL price, encouraging more people to consider buying the token before it continues to close the gap to $200.
In case of a setback below the rectangle pattern, the 50-day Exponential Moving Average (EMA) holds firmly at $139 and will try to absorb the selling pressure before bears take the reins.
Should the decline intensify, the next key support levels to watch out for will be $135, $130 and $120. The 200-day EMA reinforces the demand area at $120 implying that SOL may not overshoot this area during the bull market to retest the $100 level and below.
The post Solana Price Prediction: How Long Until Solana Blasts To $200 appeared first on CoinGape.
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