Solana (SOL) recaptures the $200 level as the bull run prolongs. Will a new breakout rally result in an extension to $250?
The Solana bull run continues as it becomes the fourth-biggest crypto in the world. With a market cap of $93.29B, the recovery run in Solana now hits the $200 psychological mark.
As the bull run teases a new rally above the $200 psychological mark, will the uptrend hit $250? Let’s find out!
Solana (SOL) Price Analysis
After briefly surpassing $200 with a 24-hour high of $201.19, Solana has pulled back to a current price of $197.67. The bullish recovery in Solana now accounts for four consecutive bullish candles and a price jump of 26.39%.
The recovery rally extends from a 7-day low of $155.01 to the current market price. The post-retest reversal of an inverted head and shoulder breakout rally is now aiming for a new 52-week high.
The post-retest reversal also took support from the 50% Fibonacci level at $159.54. Currently, it is challenging the 100% Fibonacci level at $201.69 in attempts for a refreshed breakout rally.
Key technical indicators support this positive outlook: the MACD and signal lines have produced a bullish crossover, suggesting a strong likelihood of further upward movement. Additionally, the 50-day and 200-day SMA lines have confirmed a “golden crossover,” a bullish sign.
However, the 100-day SMA line remains below the 200-day SMA. This marks a medium-term perception for Solana that has yet to change.
Solana Price Targets
Looking at Fibonacci retracement levels, potential upside targets for the breakout rally lie at the 1.272 and 1.618 Fibonacci extensions, corresponding to prices of $224 and $253, respectively. This increases the likelihood of Solana achieving a new 52-week high.
On the flip side, the crucial support for the SOL price is now the 78.60% Fibonacci level at $183.65. In case of a bullish failure with a broader market cool-down, it could result in a potential retest for a new higher-low formation. As a healthy retest, this will increase the chances of an uptrend in Solana.
Solana Network Hits $6.855 TVL
With the rising demand for the SOL token, the Solana network is also experiencing massive growth. The total value locked over the Solana network has now reached $6.855 billion as it inches closer to the 52-week high of $7.248 billion.
The total fees collected over the Solana network in the past 24 hours have reached $3.67 million, with a revenue of $1.83 million. Hence, with improving DeFi numbers, the Solana network continues to grow and will likely boost the market demand for the SOL token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
