SOL Price Rally Ready To Surpass $200 This Week!

Published by

Sohrab Khawas

May 28, 2024

SOL Price Reversal Hints End Of Correction Rally To Hit $200

Despite the intraday weakness in the market, as Bitcoin and Ethereum struggle, the Solana price trend sustains optimism. Despite a bearish closing to last week, the SOL price sustains above the $160 mark and offers a bullish outlook.

With a rounding reversal in the weekly chart from the $120 support zone, the underlying demand is on the rise. Will Solana trend reversal cross above $200 to hit the $500 mark in 2024? Find out more in our SOL price prediction.

Solana Price Performance

With a 15% surge over the past 30 days and a market cap of $74.72 Billion, Solana, the fifth biggest cryptocurrency, is on the path to recovery. However, the last week’s candle shows a higher price rejection due to the broader market slowdown.

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Nevertheless, the buyers have managed to avoid any bearish continuation this week, for now, with a 2.18% jump. Further, Solana sustains above the 61.80% Fibonacci level, offering a buy-the-dip opportunity before a comeback.

Further, the altcoin trades at $167 with an intraday drop of 1.71%, reflecting a minor pullback. Hence, a downfall under the $160 mark will dent Solana’s comeback chances, resulting in further corrections.

Technical Indicators:

MACD: The MACD and signal lines are on the verge of a bullish crossover in the weekly chart. Further, the declining intensity of the bearish histograms bolsters the bullish team.

Will The SOL Price Reach $200?

With the broader market anticipating Bitcoin reaching the $100,000 mark, altcoins expect an altseason soon. As the altseason inches closer, the bull run in Solana will gain momentum for a jump beyond $200.

However, in the short term, the SOL price action near the $160 mark remains crucial. A bullish comeback this week could break above the previous swing high of $200. This will potentially extend the uptrend to reach the $250 peak.

Conversely, a breakdown rally under $160 could hit the $130 support level.

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Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.