Price Analysis

SOL Price Eyes $250 As Solana Enters New Bull Cycle

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Ranking amongst the top 5 players in the crypto industry, Solana has been a turnaround story. Rising above the $200 mark after trading at a low of $10 last year, the SOL price trend reflects commendable resilience. 

Further, the altcoin shows another bull cycle as it bounces up from the ascending support trendline. Will Solana sustain the bull cycle to hit the $500 mark in 2024? Find out more in our SOL price prediction. 

Solana Price Performance

With a 600+% jump since last October, the SOL price trend is rapidly trading upwards, creating an ascending trendline. The bull run crosses above the $200 mark before the recent dip to the support trendline at $126. Further, the pullback accounts for a 37% fall in April. 

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Nevertheless, the high demand at the support trendline, the $120 demand zone and the 50% Fibonacci level reinstates the bull run. With this reversal, the SOL price jumps by 23% in the last 7 days. 

Currently, the Solana token trades at $156.87 with an intraday move of 2.59% and a 157% increase in trading volume. With increased volumes, the uptrend is heading higher to reach the $200 mark. 

Technical Indicators:

MACD Indicator: The MACD and signal lines are turning positive and give a bullish crossover. 

RSI: The daily RSI line shows a bullish divergence playing out well as the uptrend in Solana gains momentum. 

Will SOL Price Cross $200?

As the broader market recovers, the SOL price is heading higher and signals a healthy recovery in the last 7 days. With the bullish trend in motion, Solana prepares for a jump beyond $200. If the SOL price crosses the 78.60% Fibonacci level, the altcoin could hit $258 in May. 

On the flip side, a reversal from the $165 supply zone or the 61.80% Fibonacci level could retest the $150 or $135 support level. 

SOURCE

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