As Solana becomes the fourth-largest cryptocurrency, the SOL price hits a new 52-week high and breaks the $200 mark. With the arrival of the bull market, Solana's upside potential continues to grow, targeting a price of $250.
Will the new cryptocurrency bull market allow Solana to reach a historical high in 2024?
Solana (SOL) price performance
Solana's ongoing bull market has broken through the psychological barrier of $200, leading to a 35% price increase last week, with six consecutive bullish candles. Solana reached a new 52-week high of $215.
However, an intraday pullback of 1.67% has driven the current trading price down to $206.70. The pullback suggests a possible retest of $201.69 or the 100% Fibonacci level.
Technical Indicators:
EMA: The key exponential moving averages of 50 days, 100 days, and 200 days remain positively correlated, issuing a buy signal for Solana.
RSI: A slight pullback has led the RSI line to experience a minor decline, entering the oversold area. Therefore, the momentum indicator supports the possibility of a retest to increase growth potential.
Will Solana's price reach $250?
The resistance level at $201.00 led to a double top reversal in April 2024. A reversal after Solana's retest may challenge the Fibonacci levels of $222.00 or $249.00 at 1.272 or 1.618.
Therefore, a reversal after retesting from this level may gain significant momentum. Additionally, it signals a bullish entry opportunity for price action traders.
