SOL Price Challenges 78.60% Fib Level, Eyes $250 Next Week!

The post SOL Price Challenges 78.60% Fib Level, Eyes $250 Next Week! appeared first on Coinpedia Fintech News

As the overall market recovery picks up pace with the 10% surge in Bitcoin last night, the Solana price trend is back on bullish track. With an intraday jump of 13.05%, the SOL price is in attempts to undermine the 13.37% drop a day before the jump.

Currently, the altcoin is heading closer to the psychological mark of $200 and is preparing for a breakout. Further, with the high anticipations of Bitcoin price reclaiming the $73,000 valuation, our SOL price prediction expects a breakou rally. 

Will Solana Surpass $200?

In the weekly chart, the bullish reversal in the long-term Solana trend sustains the uphill journey. This keeps the anticipations on a higher note amongst the sideline traders for a bull run crossing the $200 mark.

TradingView

With a visible long tail in the ongoing weekly candle, SOL price is reflecting a large deposit of underlying demand. Hence, with the recent release of trapped momentum coupled with the market’s upside move, the altcoin can easily make a new 52-W high. 

Currently, Solana’s native token exchanges hands at $190.47 with a small pause of 0.70% in the intraday candle. Nevertheless, the surge in trading volume bolstering the 13% overnight jump teases a trend continuation. 

Technical Indicators:

MACD Indicator: With a significant lower price rejection, the buyers sustain a positive flow in the MACD and signal lines. Thus, the momentum indicator projects a high likelihood of uptrend continuation in Solana. 

Will SOL Price Hit $250?

As per the ongoing reversal rally and the Fibonacci retracement in the weekly chart, the buyers are dominating the Solana price trend. With the SOL price ready to cross the 78.60% Fib level and the psychological mark of $200, the buyers are aiming for higher levels. The 883% jump in the last 175 days cements the breakout likelihood.

Considering the uptrend surpass the crucial resistance confluence, the Solana market value can peak at $260 by the end of this month.