Solana Price Prediction 2024: Will SOL Price Cross $200?
Solana Price Prediction: Amid the current indecisiveness in the crypto market, the Solana price entered a new correction phase after reverting from the 2023 high of $126.36. Within a week, the altcoin’s value dropped 26% to find suitable support at the $96-$100 mark. This support coinciding with the 23.6% Fibonacci Retracement level creates a suitable platform for buyers to regain strength for the next leap.
Is Solana Price Heading to $200?
- The Solana price forms a narrow range above $100 in an attempt to find stability amid correction.
- With a strong fundamental and technical outlook, the SOL price is likely to surpass the $150 mark.
- The 24-hour trading volume on the Solana coin is $1.19 Billion, indicating a 19% gain.
Over the past four months, the Solana (SOL) market performance has been remarkable, witnessing a surge from a mid-September low of around $17.3 to a new high of $126.2. This represents a substantial 626% increase. This surge places Solana as the fifth largest cryptocurrency by market capitalization, currently valued at about $46.2 billion
The rebound in Solana’s value can be linked to several key developments within its ecosystem, especially in the decentralized finance (DeFi) sector. Additionally, the emergence of its meme coin, BONK, and the launch of the Solana Saga Phone have played significant roles. These elements have not only enhanced Solana’s visibility but also fostered broader adoption. This has led to an uptick in fundamental network activities, such as an increase in the number of coin holders and greater whale accumulation.
Presently, SOL is experiencing a corrective phase, aiming to maintain its value above the crucial support level of $100 and the 23.6% Fibonacci retracement level. This correction is seen as a healthy and normal part of the market cycle, suggesting a continued bullish outlook. It is anticipated that this dip will consolidate buyers and potentially propel the currency to new heights.
In the latest trading session, the Solana price saw a 5.5% intraday increase, forming a morning star candlestick pattern and trading at around $107. If SOL manages to surpass the immediate resistance level of $107, it could pave the way for a retest of the $126 mark, potentially indicating a more substantial recovery.
Analyzing the daily chart reveals that Solana’s recovery trajectory resembles a rounding bottom pattern. This pattern often indicates gradual accumulation, which could potentially drive the price toward the neckline resistance at $260, marking a new phase of growth for the cryptocurrency
Is SOL Price at Risk Of Heavy Sell-off?
Concerning the Solana price downtrend from November 2021 to December 2022, the current recovery has managed to reclaim a 38.2% loss as per the Fibonacci retracement tool. For the asset to gain better confirmation of a sustainable uptrend, the buyers must break past 50% which is at the $134.3 mark. This breakout will give better confirmation of buyers gradually gaining control over this asset, making it susceptible to sudden sell-offs.
- Moving Average Convergence/Divergence: A bearish crossover between MACD(blue) and Signal(orange) hints a corrections sentiment is active.
- Exponential Moving Average: The 20-day EMA dynamic support acts as a safety net for strong bullish momentum.
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Sahil Mahadik
CoinGape
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