Solana at $153: Decoding the Possibility of SOL Price Reaching $200 in Q3 2024
Solana's price is breaking out of a decisive phase, aiming to revive a strong ascending trend and achieve higher levels. The price is demonstrating significant strength, potentially resulting in a 15% upswing in the coming days, targeting $175 before the month's end. Reduced selling volume has allowed bulls to regain dominance, pushing Solana's price above $150 after hovering around $140 for nearly a week. The price has broken above the descending trend line, indicating increasing bullish strength. This breakout marks an important range, suggesting a clearance that could lift the token above bearish influence.
Will this clear the path for Solana's price to reach $200? After rebounding from the lower support zone around $125 multiple times, the price has broken out of a pivotal range, forming a bullish pattern that may lead to a fresh breakout soon. Although bears are vigilant, they are not currently active, resulting in a bullish market sentiment. Thus, Solana's price is expected to initiate another bullish run to surpass $170 shortly.
The price is testing the upper resistance of the descending triangle, potentially leading to a breakout towards the upper target. The RSI is rising, projecting the price to reach $175 following a new ascending trend. However, a potential pullback remains as bears exert upward pressure. Sustaining levels above $150 for the next few days could establish a new base for a healthy ascending trend.
Overall, crypto market sentiments have turned bullish, with many cryptos hopeful of a strong ascending trend. However, after a significant upward trend, bulls might face exhaustion.
Therefore, in the coming days, Solana's price may consolidate above $150 with passive bears. The upcoming weekend could significantly impact the rally, with a rejection leading to extended consolidation or a breakout above $160 propelling the rally towards $175.
