Solana Price Hints Massive Breakout, Eyes To Hit $200 This Weekend?

The cryptocurrency market has recorded a correction of approximately 1% within the past day with the price of Bitcoin experiencing a 24-hour low of $63,237.75. However, the Solana price continues trading under a bullish price action by adding 3.19% with a trading volume of $2.27 Billion.

With this, investors are curious about Solana’s future price prospects with questions like “Will SOL price reclaim $200?” and “How high will Solana price go in 2024?”.

Planning on investing in Solana (SOL)? Look no further, as, in this article, we have covered the price analysis and potential short-term price targets just for you.

SOL Coin Price On The Verge Of A Major Break Out:

With a jump of over 3% within the past 24 hours, the Solana price is on the verge of testing its important resistance zone in the 1D time frame. Moreover, the altcoin is also hovering close to its resistance trendline of the descending triangle pattern.

This highlights a high possibility of a multi-trend breakout, further indicating increased price action for the SOL coin price in the cryptocurrency market.

Positively, the SOL crypto price has displayed a strong bullish price action by adding 20.64% to its portfolio within the past week and 17.01% over the past 30 days. Furthermore, with a YTD return of 62.56%, this altcoin is listed as the 5th largest cryptocurrency with a market cap of $76.65 Billion.

Solana Market Sentiments:

The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the 1D time frame with a steady rise in its averages.

The RSI indicator is headed toward its overbought range with a strong bullish curve in the Solana price chart, suggesting increased positive sentiment for the altcoin in the crypto space.

Can SOL Price Reach $500?

If the bulls break out of their important resistance zone, the Solana price will prepare to test its upper level of $181.50. Moreover, if the market holds the value at that level, the SOL token will head toward its yearly high of $200.

For Solana (SOL) price to achieve the $500 mark, it will require a surge of 206.7485% concerning its current trading price of $163.

Conversely, if the Solana crypto experiences a pullback, it will start trading under a bearish sentiment and plunge toward its lower support level of $127 during the upcoming weeks.