As Solana becomes the fourth biggest crypto, the SOL price hits a new 52W high and crosses the $200 barrier. With a bull run in action, the upside potential for Solana grows and aims for a price target of $250.
Will the new crypto bull run result in a new all-time high for Solana in 2024? Let’s find out in Coinpedia’s latest Solana price analysis.
Surpassing the $200 psychological mark, the ongoing bull run in Solana accounts for a price jump of 35% last week, leading to six consecutive bullish candles. Solana marks a new 52-week high at $215.
However, the intraday pullback of 1.67% drops the current trading price to $206.70. The pullback teases a potential retest of the $201.69 or the 100% Fibonacci level.
Technical Indicators:
EMA: The crucial exponential moving average lines 50-day, 100-day, and 200-day maintain a positive alignment, giving a buy signal for Solana.
RSI: The minor pullback brings a small dip in the RSI line as it enters the oversold territory. Hence, the momentum indicator supports the possibility of retesting to increase the room for growth.
The $201.00 resistance level has led to a double-top reversal in April 2024. The post-retest reversal in Solana is likely to challenge the $222.00 or $249.00 at 1.272 or 1.618 Fibonacci levels.
Hence, the post-retest reversal from this level is likely to gain massive momentum. Furthermore, it signals a bullish entry opportunity for price action traders.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
Solana’s strong bull run, marked by six consecutive bullish candles, drove it past the $200 psychological level to hit a 52-week high.
Critical levels include $222.00 and $249.00, aligned with the 1.272 and 1.618 Fibonacci extensions, respectively.
Yes, the retest of $201.69 offers a potential bullish entry point, supported by positive EMA alignment and oversold RSI levels.
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