Will Solana Price Recovery Surpass $200 This Week?

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

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?

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.

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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.