With the crypto market surpassing the $2.20 Trillion market cap, the Solana token has experienced a bullish reversal. Further, with its latest announcement of launching the second crypto phone the “Seeker” in 2025, its native token “SOL” has picked up momentum.
Moreover, the Solana funding recording a 2-month high is anticipated to be another potential reason for the recent price surge. With the SOL token regaining motion, will it reclaim $200 this Q4? Scroll down to find out the latest Solana price analysis.
SOL Coin Price Records Breakout Rally!
With a surge of 8.54% in 24 hours and a trading volume of $3.283 billion, this altcoin has successfully reclaimed the $150 mark. Moreover, it broke out of the resistance trendline of the symmetric triangle pattern in the 1D time frame.
Furthermore, it has jumped 6.28% during the past week and has recorded a return of ~49% this year alone. Notably, with the recent price pump it has surpassed the market cap of $70 billion, making it the 5th most valuable cryptocurrency in the market.
Solana Technical Sentiments:
The Relative Strength Index (RSI) has recorded a sharp rise toward the overbought range in the 1D time frame. Further, its average trendline supports the price trend. This suggests an increase in the buying pressure for the altcoin in the market.
Further, the MACD indicator has displayed a constant rise in the green histogram with its averages recording a similar price trend. This highlights that the Solana price will continue gaining value in the coming time.
Will SOL Price Ever Recover?
If the market continues gaining momentum, the Solana crypto price will test its resistance level of $155. Further, if the bullish sentiment intensifies, this could result in it heading toward its upper high of $181 this month.
Moreover, with the market regaining momentum and a highly anticipated Uptober, the SOL coin price could make a run toward its target price of $200.
On the flip side, a trend reversal could pull the price of Solana crypto toward its crucial support level of $127 during the upcoming weeks.
Also read, Solana Price Prediction 2024 – 2030
