SOL Price Forecast: Will Solana Ever See $260 Record High Again?
This weekend, investors suffered a major setback with liquidations blowing leveraged crypto fortunes into thin air, bearing the biggest brunt of the war in West Asia. Geopolitical tensions rocked the global financial industry on Friday, causing a major sell-off in Bitcoin price and major altcoins like Ethereum, Solana, and XRP.
The bullish outlook in the crypto market is quickly turning grim during US business hours on Monday. After topping $150 earlier today, SOL is extending a four-hour candle to $142.
Resistance at $150 reinforced by the 0.618 Fibonacci ratio threatens another sell-off back to $120, especially with the Relative Strength Index (RSI) reversing the trend downward at 41.
Not that another daily close under the RSI trendline support/resistance may imply heightened selling pressure over the coming sessions and even days.
The next couple of days will play a huge role in determining the direction SOL price will take. Such that, if the 0.786% Fibonacci ratio around $138 is respected as support, a recovery will ensue increasing the chances of Solana rallying above $200 again in 2024. Other support areas to watch include the ascending green trendline and last weekend’s major buyer congestion at $120.
When the DeFi TVL is increasing consistently, it means that holders have a long-term positive view of the token SOL and, therefore, are willing to ignore the unrealized profits to take part in securing the network for staking rewards while aiming for higher price levels.
Whether SOL price can debut at the $260 all-time high in 2024 will depend on investor interest in the token and the general market outlook after Bitcoin halving later this week.
Investors will likely begin to FOMO with a second break above $200. This move will validate the bullish strength in Solana and the ability for the price to hit a new record high in the year.
Wait for updates, my friends 💫
