Despite the intraday weakness in the market, as Bitcoin and Ethereum struggle, the Solana price trend sustains optimism. Despite a bearish closing to last week, the SOL price sustains above the $160 mark and offers a bullish outlook.
With a rounding reversal in the weekly chart from the $120 support zone, the underlying demand is on the rise. Will Solana trend reversal cross above $200 to hit the $500 mark in 2024? Find out more in our SOL price prediction.
Solana Price Performance
With a 15% surge over the past 30 days and a market cap of $74.72 Billion, Solana, the fifth biggest cryptocurrency, is on the path to recovery. However, the last week’s candle shows a higher price rejection due to the broader market slowdown.
TradingView
Nevertheless, the buyers have managed to avoid any bearish continuation this week, for now, with a 2.18% jump. Further, Solana sustains above the 61.80% Fibonacci level, offering a buy-the-dip opportunity before a comeback.
Further, the altcoin trades at $167 with an intraday drop of 1.71%, reflecting a minor pullback. Hence, a downfall under the $160 mark will dent Solana’s comeback chances, resulting in further corrections.
Technical Indicators:
MACD: The MACD and signal lines are on the verge of a bullish crossover in the weekly chart. Further, the declining intensity of the bearish histograms bolsters the bullish team.
Will The SOL Price Reach $200?
With the broader market anticipating Bitcoin reaching the $100,000 mark, altcoins expect an altseason soon. As the altseason inches closer, the bull run in Solana will gain momentum for a jump beyond $200.
However, in the short term, the SOL price action near the $160 mark remains crucial. A bullish comeback this week could break above the previous swing high of $200. This will potentially extend the uptrend to reach the $250 peak.
Conversely, a breakdown rally under $160 could hit the $130 support level.
