Regardless of the intraday weak point available in the market, as Bitcoin and Ethereum wrestle, the Solana value development sustains optimism. Regardless of a bearish closing to final week, the SOL value sustains above the $160 mark and gives a bullish outlook.
With a rounding reversal within the weekly chart from the $120 assist zone, the underlying demand is on the rise. Will Solana development reversal cross above $200 to hit the $500 mark in 2024? Discover out extra in our SOL value prediction.
Solana Value Efficiency
With a 15% surge over the previous 30 days and a market cap of $74.72 Billion, Solana, the fifth largest cryptocurrency, is on the trail to restoration. Nevertheless, the final week’s candle exhibits a better value rejection because of the broader market slowdown.
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However, the consumers have managed to keep away from any bearish continuation this week, for now, with a 2.18% bounce. Additional, Solana sustains above the 61.80% Fibonacci degree, providing a buy-the-dip alternative earlier than a comeback.
Additional, the altcoin trades at $167 with an intraday drop of 1.71%, reflecting a minor pullback. Therefore, a downfall underneath the $160 mark will dent Solana’s comeback probabilities, leading to additional corrections.
Technical Indicators:
MACD: The MACD and sign strains are on the verge of a bullish crossover within the weekly chart. Additional, the declining depth of the bearish histograms bolsters the bullish staff.
Will The SOL Value Attain $200?
With the broader market anticipating Bitcoin reaching the $100,000 mark, altcoins count on an altseason quickly. Because the altseason inches nearer, the bull run in Solana will acquire momentum for a bounce past $200.
Nevertheless, within the brief time period, the SOL value motion close to the $160 mark stays essential. A bullish comeback this week may break above the earlier swing excessive of $200. This can doubtlessly prolong the uptrend to succeed in the $250 peak.
Conversely, a breakdown rally underneath $160 may hit the $130 assist degree.
