Will the bullish Solana (SOL) trend exceed $200 as the crypto market begins the bull run?
With the increasing momentum of Solana’s recovery rally in a bullish market, participants are anticipating that the SOL price will reach the psychological milestone of $200.
This week, positive technical signals and bullish patterns have heightened the potential for further upside. So, should you consider buying Solana before the next bull run begins?
Solana (SOL) Price Analysis
On the daily chart, the Solana price action shows a massive recovery rally at play. The rally also displays an inverted head and shoulders pattern, indicating increased momentum. The breakout occurred when Solana surpassed the 50% Fibonacci level at $159.59. This level has served as the neckline for the inverted head and shoulders pattern.
Starting the ongoing bull run with a double bottom reversal at the 23.60% Fibonacci level of $137.29, the altcoin has surged nearly 30%. Additionally, growing bullish interest has led to a golden crossover between the 50-day and 200-day simple moving averages. The MACD and signal lines continue to maintain a positive trend as the bullish momentum persists.
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In the past four days, Solana’s price action has formed consecutive bullish candles, resulting in a 13.22% price increase from its 7-day low. Currently, the altcoin is poised to challenge the 78.60% Fibonacci level at $183.64.
Based on the inverted head and shoulders pattern, the uptrend in Solana is likely to continue toward the 100% Fibonacci level at $201.69. Conversely, crucial support for Solana is situated at $169.49.
Solana’s Rising Channel Bolsters $200 Price Target
The rising prices of Solana in the 4-hour chart form an ascending channel pattern characterized by higher highs and higher lows. Supported by the 50 SMA on the 4-hour chart, the uptrend continues to gain momentum.
Utilizing trend-based Fibonacci levels, the uptrend in SOL is currently retesting the 38.20% level at $180. If the uptrend surpasses the overhead trendline, the bull run is likely to reach the 100% Fibonacci level at $206.64.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.