Solana (SOL) has seen a bullish reversal over the last few days. The asset’s climb follows a general uptrend in the wider crypto market. SOL’s price has rallied by 1.3% in the daily charts, 8.4% in the weekly charts, 19% in the 14-day charts, and 22.4% over the previous month. The sixth-largest crypto by market cap has rallied by 12.3% since July 2024.
When Will Solana Hit the $200 Mark?
SOL faces immediate resistance at the $183 mark. The asset unsuccessfully tested this price point in May of this year. Breaching the $183 mark could set the stage for SOL to hit the $190 price level. It may be smooth sailing for the asset to hit $200 from the $190 level.
According to Changelly, Solana (SOL) will not hit the $200 mark in 2025, but he platform anticipates the asset to trade at a maximum price of $195.94 this year. Changelly expects the assets to hit the $195 target sometime in December. Hitting $195.94 from current price levels will entail a rally of about 9.38%.
There is also a chance that SOL will continue its rally over the coming weeks. The asset could breach the $190 mark over the coming weekend, under bullish market conditions. Such a scenario could lead to SOL hitting the $200 mark over the next week.
Also Read: Solana Could Double in Price, Surge 100% & Reach $331
SOL’s rally is likely fueled by Bitcoin (BTC) climbing to a new all-time high of $122,834 earlier this week. BTC’s rise was followed by another bullish development of the US House of Representatives passing the GENIUS, Clarity, and anti-CBDC Act and bill. BTC facing a correction could trigger a market-wide dip. Such a scenario could pull SOL’s price to the $150 area.
SOL also has a few spot ETF applications awaiting approval at the SEC. ETF inflows have led BTC to hit multiple all-time highs over the last year. A similar pattern could emerge for SOL as well.