The 2024 bullish phase was holistically dedicated to Solana and its stellar ecosystem in its entirety. SOL was able to breach new price milestones this season, due in large part to the meme coin surge that the ecosystem has encountered as of late.
March was particularly lucrative for SOL as the token was able to finally breach its long-awaited $200 mark. However, the token since then has fallen back, slowing its pace to trade at a level of $160–$170.
With mounting pressure to cross the $200 mark again, Solana is currently displaying a consolidation phase, bringing in qualms about its potential new ATH. Will it be possible for SOL to cross $200 this week? Here’s what the experts have to say.
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Solana’s Future: A Rise to $200 or a Fall Back to $150?
Per a recent TradingView report, Solana seems to be stuck in a prolonged consolidation phase, which is hindering SOL’s ascent to new price peaks. With the meme coin surge frenzy taking over, SOL’s price was quick to skyrocket to $200, where bulls entered the realm to assist the token in maintaining its price above $180. As the meme coin momentum subsided, SOL is now trading at level $165 for quite some time, displaying a consolidation streak to its price.
“With the resurgence of meme coin mania, Solana also received significant momentum. The bulls used all their strength to keep the value above $180, but the growing bearish strength caused a notable pullback. As a result, the SOL price is consolidating strongly within a narrow range of $163 to $172.”
However, the experts at TradingView have dubbed the current SOL consolidation period a positive one. Per the analyst, SOL’s latest price consolidation phase can end up catapulting the token to new highs, provided it continues to bask and explore the bullish phase of the market.
At the same time, the report outlines the technical markers for SOL bullish price prospects. The assessments foretell Solana’s price spike soon, citing the SOL price chart, which has started to display a symmetrical triangle development indicative of a price breakout.
“As suggested in the above chart, the SOL price continues its trade within a symmetrical triangle. And is currently holding above the local support zone between $155 and $160. The tight accumulation has occurred due to the equal participation of the bulls and bears. And hence this suggests a huge price action could be on the horizon.
The platform was quick to outline a timeline for SOL’s future price breakout. Per TradingView, Solana can climb the $175 price mark by the second half of 2024.
“Solana’s (SOL) price continues to remain within bullish influence, and hence a bullish breakout above $175 may be expected at the beginning of the second half of 2024.
What Does Crypto Analytics Predict?
Per CoinCodex, Solana can peak at $192 by the end of June if technical indicators support the token’s ascent.
“The price of Solana is predicted to rise by 15.27% and reach $188.26 by July 2, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 73 (greed). Solana recorded 13/30 (43%) green days with 7.72% price volatility over the last 30 days.”
Also Read: Solana Leaps Towards $200: Is June Ushering A New ATH For SOL?
The token may reach a new price peak of $165 by June 16, as CoinCodex later adds.
“The Solana price prediction for next week is between $164.77. On the lower end and $165.49 on the high end. The price of Solana may increase by 0.44% and reach $165.49 by June 16, 2024.