Solana
Will bulls reach $200?
Consolidation below resistance for a few days seems to have attracted the attention of huge traders as the Solana Price displays massive bullish momentum. The volume has decreased somewhat but the dynamics remain high. On the other hand, Bitcoin price maintains upward consolidation, which has instilled some confidence among market participants.
Therefore, considering the market dynamics and technical formations, it can be said that SOL price is expected to reach $200 in the coming days.
Solana price appears to be in the midst of a parabolic recovery after repeatedly facing rejections above $200. With this, the upward trajectory remains imminent as the token appears poised for a bullish consolidation. However, the question remains whether the bulls will manage to sustain the growth or whether another rejection above $200 could be eliminated.
The weekly chart issued a bullish signal for SOL price as the token completed an extended parabolic rally. After this, the price also faced a slight pullback towards the immediate lower support forming the cup handle and handle pattern. The recent recovery also shows the possibility of the price starting a further rise, which could lead to another bullish move, aiming for a new ATH.
The RSI on the weekly chart remains near the upper threshold, indicating that the price continues to maintain significant bullish momentum. Therefore, Solana price is required to close the daily trade above $180 and the weekly close above $200. If the bulls manage to sustain above these levels, a rise above $218 could lead the token towards $250, which could trigger a bullish rise towards new highs near $300.