Sohrab Khawas
With a market cap of $115 billion, Solana is currently ranked as the 4th biggest cryptocurrency in the industry. It is just 12 billion shy of surpassing the Tether USDT. The SOL token is inching closer to the $250 psychological mark with an intraday gain of 2.40%.
Over the last week, it increased by nearly 16%, signaling a potential bull run ahead. So, let’s find out the bull run chances in Solana to create a new all-time high this year.
Solana (SOL) Price Performance
In the daily chart, the SOL price action showcases a second consecutive bullish candle in formation. Following the 10% surge last night, the uptrend continues with an intraday gain of 2.42%.
It is currently trading at $243, increasing the chances of a bull run beyond the $250 psychological mark. In the weekly chart, the trend reversal in Solana showcases a cup-and-handle reversal with a challenging $250 psychological mark.
Furthermore, the short-term price trend reveals a descending triangle breakout rally. This marks the third with the breakout rally.
Technical Indicators:
MACD: The Solana price trend starts the third positive week with the increased chances of a bull run ahead. The surge in buying pressure has led to a positive crossover in the MACD indicator.
Will Solana Price Hit $250?
Based on the Fibonacci levels, the uptrend continuation beyond the $250 mark could result in a surge to $600 or the 1.272 Fibonacci level. Meanwhile, the bull run could aim for the $1850 mark at the 1.618 Fibonacci level.
Hence, with the massive upside, the Solana price is likely to create a new all-time high in 2024. On the flip side, the breakout rally could witness a minor retest of the $250 level breakout.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
FAQs
Strong buying momentum, technical breakout patterns, and increased adoption of Solana’s ecosystem are driving the bullish trend.
If Solana breaks the $250 level, Fibonacci projections suggest potential targets at $600 and $1850.
Yes, minor retests of breakout levels like $250 are possible, offering opportunities for consolidation before further surges.
