Solana
Decoding the possibility of SOL price reaching $200 in Q3 2024
Selling volume has decreased, which has paved the way for the bulls to regain their dominance. As the markets have started to move north again, the Solana Price SOL price has climbed above $150 after hovering around $140 for almost a week. However, the price has broken above the descending trendline, signifying the growing strength of the bulls. With this, SOL price has marked a significant range and hence a sell-off could push the token above the bearish influence.
Will this pave the way for SOL price to go up to $200?
After bouncing from the lower support area around $125 on several occasions, the price has broken out of a pivot range. With this, a bullish pattern seems to have formed, which could lead to a fresh breakout in the coming days. Furthermore, the bears do not seem to be active at the moment, but they remain vigilant about the ongoing price action. Therefore, the overall market sentiment is bullish and as a result, SOL price is likely to initiate a fresh bullish period to reach above $170 soon.
SOL price is testing the upper resistance of the descending triangle, which could lead the price towards the upper target after a breakout. The RSI is rising, and hence the price is likely to reach $175 after a fresh uptrend. However, some possibility of a pullback is also looming over the SOL price rally as the bears have started to exert strong upward pressure. If the levels hold above $150 in the next couple of days, a new base could be established for the token to maintain a healthy uptrend.
The sentiment in the cryptocurrency market has turned bullish, with prices of most cryptocurrencies optimistic about a strong uptrend. However, after a strong uptrend, the bulls may be prone to exhaustion. Therefore, in the coming days, Solana price may remain consolidated above $150 as the bears may remain passive. The upcoming weekend could have a significant impact on the rally as a rejection could lead to an extended consolidation or a break above $160 could lead the rally towards $175.