Sohrab Khawas
With a spike in meme coins last night, the market anticipates a bull run for altcoins this week. The SOL price action shows a critical pivot stage in support of this view that could lead to high momentum move shortly.
Awaiting a breakout move, the altcoin is on the verge of a price jump to $200 or a deeper pullback potentially under $100? Will Solana breakout rally cross $200 to hit the $500 mark in 2024? Find out more in our long-term SOL price prediction.
Solana Price Performance
With a market cap of $64.42 Billion, Solana, the fifth biggest cryptocurrency, is down 3.26% in the last 24 hours. The downfall in the SOL price highlights the increased supply pressure near the resistance trendline.
With the overhead resistance trendline, the SOL price action forms a triangle pattern with the long-coming support trendline. The reversal from the resistance trendline currently breaks below the $150 psychological mark.
Further, the altcoin trades at $143 with an intraday rise of 1.30%, reflecting a bearish exhaustion. This increases the bullish reversal chances that may lead to the resistance trendline breakout.
Technical Indicators:
MACD: The MACD and signal lines are on the verge of a bearish crossover. This is a warning of a decline in the SOL price, leading to a breakdown rally.
Will The SOL Price Reach $200?
With the market anticipating a rise in the altcoins sector, the SOL price at a crossroads grabs the attention of everyone. As the uptrend potential is massive for this crypto, the breakout rally could result in massive gains for the HODLers and the new investors.
A breakout rally of the resistance trendline could surge the Solana token price to $200 in a week. An uptrend continuation could result in a jump to $250 by the end of this month.
Conversely, a breakdown rally could hit the $100 support level.
