Solana has continued its massive bull run, surging by 7% over the last 24 hours with SOL targeting an increase to $200 in July. Some have predicted that the crypto could be set to reach the landmark price point by the end of the week, as it is showcasing quite favorable metrics.
Over the last seven days, Solana has increased more than 20%, according to CoinMarketCap. Currently trading at $167, the asset has also seen its trading volume increase almost 50% in the last day. Many experts are predicting a massive breakout in store for the token.
Also Read: Solana SOL To $180? Analysts Suggest Breakout Is Coming
Solana to Reach $200 This Weekend?
Notable crypto analyst Ali Martinez took to X (formerly Twitter) to discuss the potential of Solana. Indeed, Martinez noted that SOL is showing “the bull flag nobody is talking about!” Teh post featured a Trading View chart forecasting a massive surge for the crypto.
Martinez may be on to something. Solana is looking to continue its 20% surge as SOL targets a return to $200 in July. The token is currently testing a resistance zone in the 1D time period. It’s nearing a resistance trendline of a descending triangle pattern that only increases the chance for a multi-trend breakout.
The fifth-largest cryptocurrency is up more than 540% since this point last year. However, that could just the the beginning. SOL is showing to be overbought in its RSI data, but also displays a bullish curve. That is likely driven by the increasingly positive sentiment that the market has toward the token.
Also Read: Solana (SOL): The Ethereum Killer Targets 21% Price Increase
If Solana can break out of the resistance zone it’s currently in, it should skyrocket. The test level would then form around $181. If that holds, then it is headed toward its yearly high of $200. Yet, the question now is where the ceiling could be for the cryptocurrency.
The token has an all-time high of $260, set in 2021. That could be a feasible target if the asset does surpass $200 this month. With the Ethereum ETF set to debut next week, the crypto market could get a boost.
Moreover, with Solana next in line for the investment product, it could be set to experience a massive shift in sentiment. From there, the sky is the limit. It could fulfill its potential in becoming the third-largest crypto on the market.