The post Solana Eyes $260 Breakout as Fibonacci Levels Target $602 appeared first on Coinpedia Fintech News

As Bitcoin crosses above the $97,000 mark, with a new all-time high at $97,800, Solana is back in motion. With a market cap of $113 billion, SOL token price is trading at $239.16. 

In the past seven days, it has increased by 7%, and the bull run is expected to regain momentum with the broader market recovery. So, let’s find out the bull run’s chances in Solana of creating a new all-time high this year. 

Solana (SOL) Price Performance

In the weekly chart, the SOL price is challenging the 100% Fibonacci level at $249. This marks the potential third consecutive bullish candle if the uptrend sustains. 

In the daily chart, however, the intraday recovery is creating a bullish candle after two negative days. Furthermore, the weekly triangle breakout rally is creating a cup-and-handle pattern with a neckline at the $249 mark. 

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As the broader market recovers, the triangle breakout rally is expected to create a new all-time high, surpassing the $260 barrier. Using the Fibonacci retracement tool, the uptrend is likely to reach the $602 mark by the end of the year. 

For 2025, the Fibonacci level paints an optimistic target of $1850, considering the broader market recovery. 

Technical Indicators:

MACD: Supporting the bullish trend, the MACD indicator has given a positive crossover as the bullish trend gains momentum. 

EMA: The 50-week and 100-week EMA lines maintain a positive alignment and are ready to provide dynamic support. 

Solana Whale Adds 100k SOL, Totals $55.5

 A whale has acquired 100,000 SOL tokens valued at $23.86 million and staked them over the past two days. This brings the whale’s total holdings to 231,919 SOL tokens, worth $55.5 million.

Solana Network Recovers Quick

As the bullish trend in Solana is coming back, the non-word transactions on the network have witnessed an uptick. Following a minor dip to 41 million, they have risen to 42.01 million. 

Furthermore, the number of active addresses on the network has reached a new all-time high of 6 million. Hence, growing network usage will likely boost Solana’s market demand.

Curious about Solana’s future? Read Coinpedia’s latest Solana (SOL) Price Prediction for future price targets.

FAQs

What is Solana’s current price performance?

Solana (SOL) is trading at $239.16, up 7% over the past week, with a potential breakout forming on technical charts.

What are Solana’s key price targets?

Based on Fibonacci retracement, Solana could reach $260 in the short term and possibly $602 by year-end, with a long-term target of $1850 in 2025.

What factors are driving Solana’s bullish trend?

Increasing network activity, a bullish technical setup, and a strong macro recovery are supporting Solana’s upward momentum.