SOL Price Prediction: Post 40% Jump, Solana Eyes $200 Break To Hit $250! (2024)

Sohrab Khawas

Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
Jul 22, 2024 10:42 UTC
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SOL Price Prediction: Post 40% Jump, Solana Eyes $200 Break To Hit $250! (7)

Solana Price Performance

With a remarkable recovery in the last two weeks, the SOL price has increased by 40% from $131 to $184. However, the intraday pullback of 1.69% drops the current price of Solana to $181. Further, Solana ranks #5 with a $84.25B market cap and #3 in the DeFi world with a TVL of $5.39B.

SOL Price Prediction: Post 40% Jump, Solana Eyes $200 Break To Hit $250! (8)

TradingView

The recent recovery in SOL price from the $130 demand zone results in a double bottom with a neckline at $185. Following the streak of four consecutive bullish candles, there is a high possibility of a breakout rally surpassing the $200 mark.

Further, the 75% hike in the trading volume to reach $3.25B bolsters the possibility of an extended up move.

Technical Indicators:

RSI: The daily RSI line hits a borderline overbought zone with a massive jump in the last few days. However, the lack of bearish divergence increases the uptrend chances as the demand continues to grow rapidly in this recovering market.

DMI: The uptick in the ADX line following the bullish crossover of the VI lines bolsters Solana’s breakout chances.

Will The SOL Price Hit $250?

Retracing the correction phase with the Fibonacci levels, the double bottom neckline is just 15 points shy of the $200 level. Currently, the ongoing recovery is likely to surpass the overhead neckline and unleash the trapped momentum to exceed $200.

As per the Fibonacci levels and the double bottom pattern, the uptrend in the Solana price can reach the $250 mark.