The crypto markets have been positively impacted by the latest developments and the support from broader markets. While the launch of the spot ETH ETF failed to have a significant impact, the recent Bitcoin conference filled the gaps. With a strong increase in buying pressure, the Solana price also broke above the momental resistance zone around $189, which has revived the hopes of reaching $200 before the end of the month.
Are bears stationed at $200? Will the SOL price withstand the upward pressure at these levels?
The SOL price has been closely monitored since the start, as it offered the best buying opportunity below $20. After a 10x rally, the bulls do not appear to be exhausted as the market participants remain optimistic about the upcoming price action. As a result, the SOL price is attempting to initiate a breakout from the bullish pattern, which may result in a 25% upswing in the coming weeks.
The SOL price has been displaying magnificent moves in the past few weeks which has elevated the levels within the decisive symmetrical triangle. Now that the price is testing the upper resistance of the triangle, a breakout may ease the bullish attempt to reach the interim target of $203. This could open the doors to test the higher targets at $229, $239 and finally at $250. However, a failed attempt may cause the price to hover within the triangle until it reaches the apex which may exceed 2024.
Also Read: Top Solana-based Altcoins To Stack As Market Turns Bullish!
Nevertheless, the Solana bulls are expected to thrive as the weekly MACD is turning bullish, being within a positive range for the first time since October 2023. This is a huge bullish signal that has activated not only the upper targets but also revived the hopes of forming a new ATH, this year. Additionally, the Solana (SOL) price has reached the neckline of the double-bottom or the ‘w-shaped’ pattern and a breakout may offer a strong base for a continued ascending trend to mark a new ATH close to $300.
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