Solana's market capitalization is $115 billion, making it the fourth largest cryptocurrency in the industry. It is only $12 billion away from surpassing Tether USDT. The intraday increase of the SOL token is 2.40%, gradually approaching the psychological level of $250.
In the past week, the SOL price has risen nearly 16%, proving its strength. So, let's take a look at the bullish opportunities for Solana to set a new historical high this year.
Solana (SOL) Price Performance
In the daily chart, the SOL price trend forms its second consecutive bullish candle. Following a 10% rise last night, the upward trend continues with an intraday increase of 2.42%.
The current trading price is $243, which increases the likelihood of a bullish breakout above the psychological level of $250. In the weekly chart, Solana's trend reversal shows a cup and handle reversal, challenging the psychological level of $250.
In addition, the short-term price trend shows a descending triangle breakout rebound. This is the third occurrence of a breakout rebound.
Technical Indicators:
MACD: The price trend of Solana has started the third positive week, increasing the possibility of a future bull market. The surge in buying pressure has led to a positive crossover in the MACD indicator.
When will Solana reach $250?
According to Fibonacci levels, if the upward trend continues to break through the $250 barrier, it could soar to $600 or the 1.272 Fibonacci level. Meanwhile, the bull market may aim for the $1850 threshold at the 1.618 Fibonacci level.
Therefore, with enormous upward potential, Solana's price is likely to set a new historical high in 2024. On the other hand, a breakout rebound may witness a slight retest of the $250 level.
Where is the next explosive Solana meme?
The price rise of Solana is inseparable from its meme launch platform 'pump.fun'. Recently, Binance has continuously listed PUNT, ACT, and the old SOL memes like BONK and WIF are also continuously rising. Today, BAN has also been listed on Binance contracts, so it can be said that the current highlights are all memes on the Solana chain.
Currently, the meme coin craze on Solana is still in the FOMO phase, with many opportunities to continue lurking. Penny has organized community friends to create memes on the chain, and those who are interested can private message Penny, and we can aim for the next hundred-fold coin together.
