Solana Price To Hit $200 If It Clears This Resistance: What’s Next For SOL?

Key Insights:

• A bullish pennant pattern suggests a possible breakout to $200 if Solana price clears resistance at $184.
• Solana price holds above crucial support, reinforcing the bullish structure.
• Solana On-Chain and Derivatives Data Paint Mixed Picture.

Solana (SOL) price is approaching a crucial resistance point after rising by 18% this month. Analysts note that if the top crypto breaks out above $184 and major support holds, it may rise to $200 soon.

Bullish Pennant Pattern Points to $200 Solana Price Breakout

Solana price is showing signs of a bullish pennant on the daily chart, meaning the upward trend from $123.89 could keep going. According to crypto analyst Lark Davis, this development showed that the altcoin is pausing before deciding on its next move. The top line of the pennant is anchored at the $180–$184 resistance zone, also linked to the 61.80% retracement level.

Notably, Lavis pointed out that if Solana price sustains its volume support at this level, it could rise toward $200. According to the chart, the next likely target is $211, indicated by the 78.60% Fibonacci retracement. In addition, technical analyst Ucan observed a cup-and-handle setup, making it more likely for a breakout if the bulls regained $184 in strength.

SOL Price Holds Above Crucial Support

More so, Ucan noted that the price is still above $165, representing the 50% Fibonacci retracement, and acts as a crucial support point. Furthermore, the support is also solid because the 200-day EMA is found at $163. Despite consolidating for some time, Solana has avoided bearish outcomes.

However, Ucan pointed out that if breaking through $184 is not successful, SOL price could head back toward $150–$160, a previous consolidation range. Support levels below $123.89 would invalidate the bullish outlook, and it may drop to around $100–$110. Whilst SOL is trading over $165, there are no critical signs of a breakdown in the chart pattern.

Technical Indicators Signal SOL Price Consolidation

Meanwhile, the Moving Average Convergence (MACD) has not yet confirmed a bullish crossover, but both its lines are getting closer. From  Lark Davis’ chart, if both the price and the histogram are rising after a crossover above the signal line, this could indicate bullish continuation. As of the time of writing, the outcome of the rally was still uncertain.

However, Solana price showed signs of rising with the RSI at 60, suggesting it is not yet in overbought territory. Consequently, this means there is more potential for growth. Trading volumes have stayed relatively unchanged while prices trend higher, showing a lack of major selling activity.

Solana On-Chain and Derivatives Data Paint Mixed Picture

Despite the bullish price pattern, traders in the derivatives market are being cautious. According to Coinglass, the number of open contracts for SOL futures has decreased by 1.09% to reach $7.25 billion. At the same time, the OI-weighted funding rate was  -0.0035%, indicating bearish bets.

Over 24 hours, $4.92 million of long positions were eliminated, whereas just $1.36 million were lost in short positions. As a result, many bullish traders got trapped during quick dips in SOL price. However, other on-chain metrics show resilience. Stable numbers of active addresses and transactions reveal that users are still interacting with the network, despite the unclear market.

Meanwhile, Peter Brandt’s recent analysis on Solana price suggested a cup-and-handle breakout, aiming for $518. While SOL price was near $177, Brandt’s statements and recent news about the $100k trade indicate a bullish outlook.

However, some analysts believe it would take a 180% rise for SOL to reach $500, and its market cap needs to triple. Momentum is strong, but such a rally would demand sustained buying pressure and new catalysts.

At the time of writing, Solana price was trading at $178, up 2% on the day. The top altcoin price briefly touched $179 before retreating, signaling resistance amid intraday volatility.

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