SOL is poised to breakout to $250 after 40% surge!
The altcoin market is heating up as the cryptocurrency market rebounds and prepares to hit new all-time highs in 2024. With Bitcoin reaching $67,913, a broader market recovery could recapture the $3 trillion valuation of the cryptocurrency market.
SOL price recently recovered from the $130 demand zone to form a double bottom with the neckline at $185. After four consecutive bullish candles, the chances of a breakout above the $200 mark are high.
Solana has been showing tremendous strength since the beginning of the year, rising from single digits to $200. The coin quickly regained momentum after the bearish activity, which confirms the vigilance of bulls at every curve. SOL price has recorded consecutive bullish weekly closes, which suggests that the coin could recapture the $200 milestone any time from now.
Retracing the correction phase at Fibonacci levels, the double bottom neckline is just 15 pips away from the $200 level. For now, a sustained rally could take over the upper neckline and release the trapped momentum to break above $200.
In a long-term bearish scenario, the $175 support could act as a solid base and prevent the price from falling below these levels. However, such a move might be unlikely as the bulls seem to be on their guard and they might step in as soon as the price drops to $180 or just below it.
