The overall recovery of the cryptocurrency market has been fueled by a 10% increase in Bitcoin’s price over night. Solana, which is a part of the SOL token, has returned to a positive track and is echoing this sentiment. SOL’s price is trying to recover from a 13.37% loss it suffered just one day prior.
Solana has been moving closer and closer to $200. This could be the beginning of a breakout. Bitcoin is expected to regain its previous $73,000 price, and our SOL forecast suggests that the price will rise.
You can also read this: Ripple Slumps Amidst Market Crash: Can XRP Hit $0.7 This Weekend?
Solana’s journey towards $200: The Bullish Reversal of Demand and Underlying Supply
Looking at the weekly chart of Solana reveals that there has been a bullish shift in long-term trends. This chart indicates that Solana will continue to climb up while maintaining sideline trader’s expectations for a rally that could push SOL past the $200 mark.
This ongoing weekly candle has a long tail that reflects a large deposit of Solana’s underlying demand. Recent momentum release and market upward movement indicate the altcoin’s good chance to hit new 52 week highs.
You can also read this: Shiba Inu Forecasted To Reach 4 Cents: Here’s When
SOL can it reach $250?
The price movement of Solana is clearly in the hands of buyers as the Fibonacci level retracement on the chart comes into play. SOL is approaching the Fibonacci level of 78.60% and the psychological $200 threshold. This has buyers looking for further targets.
This breakout seems more probable because of the impressive jump of 883 % in the price for Solana over the past 175 day. If Solana manages the break through the key resistance confluence by the end this month, the market could peak at $250.
You can also read this: Cryptocurrency: Top 5 Coins To Buy During The Dip
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
