Solana
SOL Price eyes $250 as Solana enters new bull cycle
Ranked among the top 5 players in the crypto industry, Solana was a turnaround story. Rising above the $200 mark after trading at a low of $10 last year, the SOL price trend reflects commendable resilience.
Additionally, the altcoin is showing another bullish cycle as it bounces off the ascending support trendline. Will Solana maintain the bullish cycle to reach the $500 mark in 2024? Learn more in our SOL Price Prediction.
Solana Price Performance
With a jump of over 600% since last October, the SOL price trend is rapidly trading higher, creating an ascending trendline. The bull run breaks through the $200 mark ahead of the recent drop to the support trendline at $126. Additionally, the decline represents a 37% drop in April.
Nonetheless, strong demand at the support trendline, the $120 demand zone, and the 50% Fibonacci level reestablish the uptrend. With this reversal, SOL price jumped 23% over the last 7 days.
Currently, the Solana token is trading at $156.87 with an intraday movement of 2.59% and a 157% increase in trading volume. With the increase in volumes, the uptrend increases to reach the $200 mark.
Technical indicators:
MACD Indicator: The MACD and signal lines become positive and give a bullish crossover.
RSI: The daily RSI line shows a bullish divergence going well as Solana’s uptrend gains momentum.
Will SOL price exceed $200?
As the broader market recovers, SOL price is rising and signaling a healthy recovery over the past 7 days. With the uptrend in motion, Solana is preparing for a jump beyond $200. If SOL price breaks above the 78.60% Fibonacci level, the altcoin could reach $258 in May.
On the other hand, a reversal of the $165 supply zone or the 61.80% Fibonacci level could retest the $150 or $135 support level.
Also discover: Altcoins Show Strength as Bitcoin Remains Range-bound: WLD, NEAR and RNDR Prices Poised to Trigger Further Rise