Solana (SOL), a top-tier altcoin, after a significant crash on Monday, has made a 35% bullish comeback. The recovery was so swift that it erased the losses from the crash, and now Solana is targeting a price of $200. This article will attempt to review the specifics, technical analysis, and predictions for Solana’s price for the week of August 8th, 2024, and beyond.
SOL’s bullish comeback
Per the comeback, the price stretched the down leg to $109 in a candle wick on Monday. This sell-off followed an initial correction from July’s peak of $193. However, the rapid rebound above $120 allowed the SOL price to regain momentum.
In less than a week, Solana’s price fell to a low of $110, losing over 50%. However, the offering volume has generally blurred, which may clear the way for a supported climbing slant. After the crash, Solana’s price quickly surged and reclaimed a pivotal zone. The token is attempting to enter a vital resistance zone, which may ease out the mounting bearish pressure.
As of now, the SOL price is juggling around $153 and $155 per data from CMC. The upward weight remains confined inside a range. Therefore, the price is expected to rise within the range before the end of the day. If it fails to do so, the price could face another pullback.
SOL 1-day price chart. Source: CoinMarketCap
In contrast, Coinfomania’s data pins SOL’s price at $169.25 with a forecasted increase of 0.19% to $165.59 by 13 August 2024. Our technical indicators suggest a SELL market sentiment. Over the last 30 days, SOL has seen 16/30 green days, reflecting a 53% positive trading trend. With a price volatility of 7.71%, SOL exhibits moderate fluctuations.
Still, in the past 24 hours, SOL has experienced a positive trend of 3.99% since yesterday.
Source: Coinfomania
The road to $200
The price of SOL has surged over the normal extent of the slipping parallel channel. With this, the possibility of reaching the upper resistance emerges. However, the bearish intervention could occur at $160. If the bulls triumph to withstand the pressure, a rise of over $175 seems imminent. Rising over these levels and reaching $180 may be repetitive work as the bulls have fallen frail at different times. Wherefore, the Solana (SOL) price rally remains continuous until $175 but rises over $184, which is the urgent resistance now that seems to be fuzzy.
Likewise, the total value locked (TVL) in Solana’s DeFi soared to $4.81 billion on August 5, data from blockchain tracker DefiLlama showed, suggesting stronger bullish momentum. Increasing TVL indicates strong investor confidence, potentially driving the price up due to higher demand. This notable increase in TVL reasonably increases the chances of the Solana price reaching $200.
Solana TVL data. Source: defiLlama
There’s an upcoming death cross pattern for SOL
Solana’s price holds above the crucial 200-day Exponential Moving Average (EMA), which may continue providing much-needed support for a rally. The Relative Strength Index (RSI), at 43, moves higher in the neutral region, emphasizing a stronger bullish grip, with the key targets $160, $180, and $200 on the upside.
However, an upcoming death cross pattern may threaten Solana’s bullish outlook, calling for a correction. The bearish-centric pattern will form with the 20-day EMA in blue crossing under the 50-day EMA in red.
What next week, 2025, 2030 might hold for SOL
The Solana price prediction for next week is between $146.94 on the lower end and $145.61 on the high side. For 2025, SOL is expected to hit new all-time highs of $364.07, which may bottom to $176.96, trading at $322.87 on the mid-level. By 2030, our experts predict the price could soar to around $2,575.07. But it could also dip to a low of approximately $1,272.13. On average, we expect it to hover around $2,332.28.
The post Solana (SOL) Price Prediction, August 8th, 2024, 2030: As SOL Price Erased Monday Crash, is $200 Target Amid $1B TVL Surge Feasible? Find Out! appeared first on Coinfomania.
