With the continuation of the bull market, Solana (SOL) has reclaimed the $200 level. Will the new breakout rebound lead to a price extension to $250?
The Solana bull market continues, making it the fourth largest cryptocurrency in the world. Solana's market capitalization is $93.29 billion, and its recovery momentum has now reached the psychological level of $200.
As the bull market suggests a new round of rebound that will break the psychological level of $200, will the upward trend reach $250? Let's find out!
Solana (SOL) Price Analysis
After briefly breaking the $200 mark at a 24-hour high of $201.19, Solana has pulled back to the current price of $197.67. Solana's bullish recovery has currently formed four consecutive bullish candles, with a price increase of 26.39%.
Solana Price Chart
The recovery rebound has extended from a 7-day low of $155.01 to the current market price. The inverted head and shoulders breakout after retesting is currently targeting a new 52-week high.
The reversal after retesting is also supported by the 50% Fibonacci level at $159.54. Currently, it is challenging the 100% Fibonacci level at $201.69, attempting to achieve a new breakout rebound.
Key technical indicators support this positive outlook: the MACD and signal line have produced a bullish crossover, indicating a high likelihood of further upward movement. Additionally, the 50-day and 200-day SMA lines have confirmed a 'golden cross,' which is a bullish signal.
However, the 100-day moving average is still below the 200-day moving average. This indicates that the mid-term outlook for Solana has not changed.
Solana Price Target
From the Fibonacci retracement levels, the potential upward targets for the breakout rebound are located at the 1.272 and 1.618 Fibonacci extension levels, corresponding to prices of $224 and $253, respectively. This increases the likelihood of Solana reaching a new 52-week high.
On the other hand, the key support level for the SOL price is now the 78.60% Fibonacci level, which is $183.65. If the bullish trend fails and the broader market cools down, it may lead to a retest of the new high-low pattern. As a healthy retest, this would increase the chances of Solana showing an upward trend.
The total locked value in the Solana network has reached $6,855
As demand for SOL tokens continues to grow, the Solana network has also experienced tremendous growth. The total value locked in the Solana network has now reached $6.855 billion, nearing the 52-week high of $7.248 billion.
Solana TVL
In the past 24 hours, the total fees collected by the Solana network have reached $3.67 million, with revenues of $1.83 million. Therefore, with the increase in DeFi numbers, the Solana network will continue to grow and may stimulate market demand for SOL tokens.
