SOL Price Prediction: Despite Market Pullback, Solana Eyes $200!

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SOL, the native cryptocurrency of the Solana ecosystem, is outperforming the broader market with a steady recovery force this week. The buyers defy the Bitcoin price drop below $70000 and maintain sustainable growth for SOL price above $70.

Under the influence of the bullish reversal pattern Cup and Handle, the SOL price projects a steady bullish trend for the near future. For more detailed insight on Solana’s future projection. check out our SOL price prediction. 

Can Solana Price Reach $200?

An analysis of the daily chart shows a U-shaped recovery in SOL price which projects the formation of a cup and handle pattern. This chart pattern is an indication of a downtrend bottoming for an asset and the initiation of a fresh recovery trend.

Source – TradingView

On February 29th, the Solana price gave a bullish breakout from the neckline resistance of the cup and handle pattern. This breakout signals the buyers’ escape from nearly 2 years of sideways. Furter, it has uplifted the price by 38.8% so far to exchange hands at $174.

If the supply pressure from Bitcoin reversal persists, the altcoin market, including Solana, may witness a minor pullback. However, the SOL price chart has showcased a pattern of such correction through its rally and can be considered a strategic break for recuperating bullish momentum.

Technical Indicators:

MACD Indicator: The MACD and signal lines in a bullish crossover state accentuate an active recovery trend for Solana.

EMAs: Amid the ongoing rally, the 50-day EMA acts as a dynamic support for buyers to prolong bullish momentum.

Will SOL Price Continue The Bull Run?

Following the neckline breakout, the SOL price rallied, and there was steady growth backed by increasing trading volume. If the pattern holds true, the buyers should chase the theoretical target of $250.

On a contrary note, if the anticipated retracement dips below the neckline support at $125, the coin holders must remain cautious as it may project weakness in buyers’ conviction.