Can It Target $200 Next?

SOL, the native token of the Solana ecosystem has effectively rebounded from the recent sell-off in the crypto market. On March 5th, the altcoin plunged to $105 value but reverted sharply indicating the buyers are accumulating this asset at market dips. The long-tail rejection candle suggests the Solana price sustainability above $120 support has kept the bullish projection intact with the development of the cup and handle pattern. 

Also Read: Solana Soars to $140 After Scooping the Prestigious CMC Crypto of the Year Award

Solana Nears $150 Milestone Amid Rising Market Sentiment

An analysis of the daily time frame chart shows the Solana coin price has been developing a bullish reversal pattern called the cup and handle pattern. This chart setup indicates the asset has been through a long accumulation phase which led to a major bottom formation and the emergence of a new recovery trend.

On March 1st, the SOL price exhibited a bullish breakout from the reversal pattern’s neckline resistance around $125. Over a week, this upward momentum propelled the asset by 19.5%, with its price currently trading at $149. Concurrently, Solana’s market capitalization experienced a significant boost, ascending to $66 billion.

As reported by, a renowned crypto analytics firm Santiment, Solana (SOL) is nearing a significant milestone, poised to cross the $150 mark for the first time since January 16th, 2022. The sentiment among the crypto community—gathered from social platforms such as Twitter, Telegram, Reddit, and 4Chan—shows a moderate bullish trend towards the $SOL token. 

Despite this optimism, the sentiment isn’t overwhelmingly positive to the point of triggering fears of FOMO (fear of missing out) that could disrupt the rally. Historical patterns suggest that doubt often acts as a catalyst for price increases. Currently, Solana is showcasing a 54% positive sentiment from these discussions, indicating a cautious yet optimistic outlook for its potential climb in market value.

📈 #Solana is on the brink of crossing $150 for the first time since January 16th, 2022. Crowd sentiment is leaning slightly #bullish toward #5 market cap $SOL, but not to the extent where #FOMO could halt a rally. Doubt historically fuels prices higher. pic.twitter.com/XP22cQxdkl

— Santiment (@santimentfeed) March 7, 2024

Also Read: Solana Price Analysis: Is DEX Trading Volume Surge Poised To Push SOL Beyond $200?

Bullish Pattern Sets a Solana Price Rally to $250

Currently trading at $149.4, the Solana price shows a suitable follow-up to the recent breakout of the cup and handle pattern. Under the influence of this setup, the buyers are likely to chase $250m suggesting a potential growth of 67.4%.

However, the recovery won’t be unidirectional as the altcoin will witness a minor pullback to gather sufficient momentum.

Technical Indicator

• BB Indicator: The midline of the Bollinger Band indicator stands as key support during the occasional market correction.
• Average Directional Index: The ADX slope at 20% indicates the current record is in the early stage and buyers are likely to drive a higher rally.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.