Will Solana Price Recovery Surpass $200 This Week?

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Solana

Making waves in the recovery week after the short market-wide correction, Solana comes out as a top performer in the top coins segment. With the growing demand in the altcoins segment, the fifth-largest altcoin is well above the $80 Billion valuation. Amidst this recovery, the SOL price is preparing a bull run beyond the $200 milestone. Heading for a new all-time high, is this the best time to enter long?

Also Read: Solana Outage: Latest Resolution Hacks Teased by Developers

High Momentum Rally Sets SOL Price For Next Breakout

BINANCE:SOLUSDT Chart Image by sahilmahadik07

With a bullish reversal in the weekly chart, the SOL price showcases a remarkable trend reversal. Amidst the growing market, the trend momentum is on the rise as the weekly returns for the altcoin are growing, evident by the bullish engulfing candles. 

With a 25% jump this week, the Solana price is ready to challenge not just the psychological mark of $200 but also the 78.60% Fibonacci level. Further, the weekly chart showcases the third consecutive bullish candle, reflecting the high momentum bullish trend in motion.

With more than a 1000% jump in the 180 days, Solana is undoubtedly one of the top performers and writes a spectacular bullish reversal story. Considering the uptrend continues in 2024, the skyrocketing prices of Solana could easily surpass the $250 mark. 

Also Read: 3 Reasons Why Solana Price Could Tumble To $140 Before Blasting To $200

Where Will The Reversal Rally Lead Solana To?

BINANCE:SOLUSDT Chart Image by sahilmahadik07

Currently, the SOL price trades at $186 with an intraday gain of 2.35%, marking a positive continuation. Further, with the market bouncing back as Bitcoin reclaims the $70,000 mark, the altcoins are expected to gain momentum. 

As per the Fibonacci levels, the turnaround in Solana price is extending the bull run and could shortly exceed the $200 mark. If the bull run continues, the $200 mark could easily pump the altcoin’s market value to the $250 mark and lead to a new all-time high formation. 

Also Read:Solana Genesis Day: Options Traders Prepare for Further Upside As SOL Price Nears $200

Technical Indicator

  • Exponential Moving Average: A sharp upswing in the daily EMAs reflects an aggressive recovery trend in action.
  • MACD Indicator: With the uptrend in motion, the MACD and signal lines avoid a bearish cross and continue to prolong the rising trend. Hence, the momentum indicator showcases a continuous rise in underlying demand.

The post Will Solana Price Recovery Surpass $200 This Week? appeared first on CoinGape.

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