SOL tops $200 as bullish momentum returns: check forecast
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Solana’s SOL is one of the best performers among the top 10 cryptocurrencies by market cap. The coin added over 2% to its value in the last 24 hours, thanks to the broader crypto market embarking on a strong recovery.
With SOL breaching the $200 mark, it could target a new weekly high soon.
Solana community approves the Alpenglow consensus proposal
SOL is currently trading at $202 per coin after adding over 2% to its value in the last 24 hours. The positive performance comes as the Solana community passes the new consensus proposal Alpenglow (SIMD-0326).
According to Wu Blockchain, the voting period ends today, with 62.6% of votes remaining uncast.
However, the analyst added that the strong community support suggests it will hold. Alpenglow aims to reduce block finality from 12.8 seconds to around 150 milliseconds.
In addition to this, SOL’s Open Interest shows that the coin could be getting ready for another leg up.
Data obtained from Coinglass shows that the Solana Open Interest (OI) increased by 0.5% in the last 24 hours and now stands at $12.45 billion.
This suggests that traders are getting more involved with SOL, and this could push its price higher in the near term.
Solana eyes the $218 high
The SOL/USD 4-hour chart remains bullish and efficient despite the recent market correction. SOL failed to build on its performance on Friday, dropping below the $210 level, indicating a bullish trap.
The bullish trap worked, with SOL further dropping to the $193 support level on Monday. However, it has slightly bounced back and is now trading above the $200 mark. The recovery comes after SOL found support in the zone between the 20-day EMA (195) and the uptrend line.
With SOL now trading above $200, the bulls could look to push it higher in the coming hours or days. The RSI of 51 shows that SOL is no longer in the bearish territory.
However, the bullish momentum remains weak. The MACD lines have also crossed over the positive zone, suggesting a growing buying pressure.
If the recovery continues, SOL could rally towards last week’s high of $218. In the event of an extended bullish run, Solana’s price could surge to $240 and later to $260 in the near to medium term.
However, failure to build on this momentum could see the uptrend line invalidated, and SOL will likely retest the Transactional Liquidity (TLQ) level at $186.
The TLQ could provide the needed liquidity to push it higher. If the TLQ zone fails to hold, SOL could see further selling pressure that would push it to the $175 and then the $155 support levels.
The market conditions might remain choppy over the next two weeks as traders look ahead to this month’s FOMC meeting.
The post SOL tops $200 as bullish momentum returns: check forecast appeared first on Invezz
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