Solana
Will SOL reach $200 this week or drop to $150?
The 2024 bull phase has been holistically dedicated to Solana and its stellar ecosystem in its entirety. SOL has managed to achieve new price milestones this season, thanks in large part to the coin surge that the ecosystem has experienced in recent times.
The month of March was particularly lucrative for SOL, as the token was finally able to cross the long-awaited $200 mark. However, the token has since retreated, slowing its pace to trade at a level of $160 to $170.
With increasing pressure to breach the $200 mark again, Solana is currently displaying a consolidation phase, raising concerns about its potential new ATH. Will it be possible for SOL to cross $200 this week? Here’s what the experts say.
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The future of Solana: a rise to $200 or a return to $150?
According to a recent TradingView report, Solana appears stuck in a prolonged consolidation phase, hampering SOL’s rise to new price highs. With the coin skyrocketing frenzy, the price of SOL quickly surged up to $200, where bulls entered the realm to help the token maintain its price above $180. While meme coin momentum has faded, SOL has now been trading at the $165 level for some time, displaying a streak of consolidation in its price.
“With the resurgence of meme coin mania, Solana has also received significant momentum. The bulls used all their strength to keep the value above $180, but the increasing bearish force caused a notable pullback. As a result, SOL price is strongly consolidating within a tight range of $163 to $172.
However, TradingView experts rated the current SOL consolidation period as positive. According to the analyst, SOL’s latest price consolidation phase can end up catapulting the token to new highs, provided it continues to benefit and explore the bullish phase of the market.
At the same time, the report outlines the technical markers of SOL’s bullish price outlook. Ratings are predicting a Solana price rally soon, citing the SOL price chart, which has started to display a symmetrical triangle development indicating a price breakout.
“As the chart above suggests, SOL price continues to trade within a symmetrical triangle. And currently holding above the local support zone between $155 and $160. The tight accumulation occurred due to the equal participation of bulls and bears. So this suggests that a huge price move could be on the horizon.
The platform was quick to lay out a timeline for SOL’s future price breakout. According to TradingView, Solana can climb the $175 mark by the second half of 2024.
“Solana (SOL) price continues to remain under bullish influence, and therefore, a bullish breakout above $175 can be expected early in the second half of 2024.
What does Crypto Analytics predict?
By CoinCodexSolana can peak at $192 by the end of June if technical indicators support the token’s rise.
“Solana price is expected to increase by 15.27% and reach $188.26 by July 2, 2024. According to our technical indicators, the current sentiment is neutral, while the Fear & Greed index shows 73 (greed) . Solana recorded 13/30 (43%) green days with price volatility of 7.72% over the last 30 days.
Read also: Solana Jumps Towards $200: Does June Open a New ATH for SOL?
The token could reach a new price high of $165 by June 16, as CoinCodex will later add.
“Solana price prediction for next week is between $164.77. On the low end and $165.49 on the high end. Solana price could increase by 0.44% and reach $165.49 by June 16, 2024..