Will Sol surge above $200 as the network continues to grow

Sol has shown a strong bullish reversal after the recent correction, retaking the psychological $150 mark. Will the upward momentum lead to a second breakout of the upper trendline above $200?

Sol has capitalized on the improving sentiment as BTC remains above $56,000 to drive a recovery rally. The Ethereum killer has a market cap of $71.376 billion, making it the fifth-largest cryptocurrency.

Sol’s bullish target is to surpass BNB and grab the fourth spot, with its next 52-week high at $250. So let’s take a closer look at the SOL price analysis to find out the next bullish target.

Despite the failed triangle breakout due to the market crash, Sol has shown bullish dominance over the support trendline. Avoiding a daily close below the trendline, the rebound from 110 reclaimed the 150 level, a 40% gain.

Sol: Currently, Sol is trading around 150, forming the second bullish candle in a V-shaped recovery. Moreover, the recovery from the support trendline will re-challenge the trendline broken above.

After a sharp drop into the negative territory, the MACD and signal lines have seen a slight recovery. With the decline of the bearish histogram, the probability of a bullish crossover of the MACD indicator increases.

The increase in TVL flow of $793 billion on Sol and 570,000 users with SOL wallet balances indicate an increase in activity and engagement. Following a slight decline last week, the total value transferred on-chain and the increase in the number of active users indicate that the Sol network is growing.

Will the breakout in 4H reach $165?

With a bullish breakout of the corrective trendline in the 4H chart, Sol's V-shaped recovery has gained momentum. Moreover, the ADX indicator shows a bullish crossover of the VI line, foreshadowing a trend reversal.

According to the Pivot Point Criteria (Monthly), the bulls are heading towards the Pivot Point P ($162). This level marks the neckline of the reversal and a breakout will continue the uptrend. However, a breakout is expected to find heavy supply at the resistance levels of R1 ($203) and R2 ($235).

A reversal from $162 is expected to retest the broken trendline, break below the $150 mark and hit a low of $130. #加密市场反弹 #sol板块