With the Bitcoin price on the verge of achieving the $65,000 mark, the cryptocurrency market has recorded a strong bullish recovery over the past few hours. Moreover, top altcoins are on the verge of breaking their important levels, highlighting increased bullish sentiment.
Following this, the Solana (SOL) price has reclaimed the $150 mark and is on the verge of a major breakout. Will Solana price regain momentum during the second leg of Uptober?
SOL Crypto Heading Toward A Major Breakout?
With a jump of ~5% in the past 24 hours, the Solana price has reported 4 consecutive days of inflow. Moreover, the altcoin has entered into a crucial watch zone and is on the verge of a potential multi-month breakout!
The SMA indicator constantly supports the SOL price chart in the 1D time frame. This indicates a strong bullish sentiment for the 5th largest cryptocurrency in the market.
Further, the Relative Strength Index (RSI) has recorded a sharp rise toward the overbought range. With its average trendline experiencing a bullish convergence, the Solana crypto hints at a positive outlook this week.
Will Solana Price Hit $200 This Q4?
If the market continues trading under a bullish sentiment, the SOL coin price will prepare to test its important resistance level of $155 this week. Maintaining the price above that level could set the stage for this altcoin to head toward its upper high of $181 during the upcoming time.
With the Solana (SOL) price listed at $153.13, it requires a jump of 30.608% to achieve the target price of $200 this year.
On the contrary, if a bearish reversal occurs, this could result in the price retesting its support trendline of the trend pattern. Furthermore, if the bears continue dominating the crypto space, it could retest its crucial support level of $127 this year.
Wondering about the long-term projection of Solana? Read, our Solana (SOL) Price Prediction 2024 – 2030
