Solana (SOL) Enters the Crucial Phase: Will the Bulls Make It to $200?

The post Solana (SOL) Enters the Crucial Phase: Will the Bulls Make It to $200? appeared first on Coinpedia Fintech News

The consolidation below the resistance for a couple of days appears to have attracted huge traders’ attention as the Solana price is displaying massive bullish momentum. The volume has dropped to some extent but the momentum remains high. On the other hand, the Bitcoin price maintains an ascending consolidation, which has inculcated some confidence among market participants.

Therefore, considering the market dynamics and the technical formations, it can be said that the SOL price is primed to reach $200 in the next few days. 

Solana’s price seems to be in the middle of a parabolic recovery after it faced rejections above $200 a couple of times. With this, the ascending trajectory remains imminent, as the token appears to be poised for a bullish consolidation. However, the question remains whether the Bulls manage to sustain the growth or another rejection above $200 may make its way out.

The weekly chart has flashed a bullish signal for the SOL price as the token has accomplished a prolonged parabolic recovery. After this, the price also faced a minor pullback towards the immediate lower support forming the handle of the cup and handle pattern. The recent recovery also shows the possibility of the price beginning a fresh upswing, which may lead to a fresh bullish upswing, targeting a new ATH. 

The RSI in the weekly chart remains close to the upper threshold, which indicates the price continues to hold significant bullish momentum. Therefore, Solana’s price is required to close the day’s 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 may trigger a bullish upswing towards new highs close to $300.