A remarkable 10% surge in Bitcoin’s price overnight has fueled the overall cryptocurrency market recovery, and Solana (SOL) is back on a bullish track, echoing the positive sentiment. The SOL price, with an impressive intraday jump of 13.05%, is attempting to offset the 13.37% drop it experienced just a day before the recent uptick.
Currently, Solana is inching closer to the psychological mark of $200, setting the stage for a potential breakout. As anticipation builds about Bitcoin’s price reclaiming its $73,000 valuation, our SOL price prediction suggests that a breakout rally is on the horizon.
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Solana’s Journey Towards $200: Bullish Reversal and Underlying Demand
A closer look at Solana’s weekly chart reveals a bullish reversal in the long-term trend. It shows that it will sustain the uphill journey while keeping sideline traders’ expectations high for a bull run that could propel SOL above the $200 mark.
The ongoing weekly candle features a visible long tail, reflecting a significant deposit of underlying demand for Solana. The recent release of trapped momentum and the market’s upward movement both indicate that the altcoin is in a good position to reach new 52-week highs.
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Can SOL hit $250?
As the reversal rally continues and the Fibonacci retracement levels on the weekly chart come into play, it is evident that buyers are in control of Solana’s price trend. With SOL approaching the 78.60% Fibonacci level and the psychological threshold of $200, buyers are eyeing further upward targets.
The impressive 883% jump in Solana’s price over the last 175 days further cements the likelihood of a breakout. If the uptrend manages to surpass the crucial resistance confluence, Solana’s market value could potentially peak at $250 by the end of this month.
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