As Bitcoin surpassed the $99,000 mark to hit a new all-time high of $99,314, Solana is also expected to hit new highs. SOL price has risen by 10% in the past 24 hours and the bull run has provided a tailwind for other altcoins.
As SOL enters unknown price levels, will this new bullish trend propel its price to $300? Let’s find out in the latest Solana price analysis from Coinpedia.
Solana (SOL) Price Performance
On the weekly chart, SOL price action showed a descending triangle breakout rebound, completing a cup-and-handle pattern. The pattern broke through the neckline at the $249 mark, setting a new all-time high for Solana.
Currently, it is trading at $262 with a 24-hour high of $264. SOL price action is on track to complete its third consecutive bullish week as the bullish trend continues.
As Solana is trading at unknown levels, the underlying bullish momentum suggests a continuation of the uptrend. Moreover, as the broader market recovers and Bitcoin inched closer to the $100,000 mark, Solana will most likely reach the $300 mark.
Technical indicators:
MACD: The indicator supports the bullish trend with a positive crossover forming with the bullish histogram peak.
Will Solana hit $300?
According to the Fibonacci levels, Solana’s upside price target is $602.92. This price coincides with the 1.272 Fibonacci level on the logarithmic chart.
On the other hand, if the buying pressure fades, a retest of the $250 breakout is possible.