As Solana becomes the fourth biggest crypto, the SOL price hits a new 52W high and crosses the $200 barrier. With a bull run in action, the upside potential for Solana grows and aims for a price target of $250.
Will the new crypto bull run result in a new all-time high for Solana in 2024? Let’s find out in Coinpedia’s latest Solana price analysis.
Solana (SOL) Price Performance
Surpassing the $200 psychological mark, the ongoing bull run in Solana accounts for a price jump of 35% last week, leading to six consecutive bullish candles. Solana marks a new 52-week high at $215.
However, the intraday pullback of 1.67% drops the current trading price to $206.70. The pullback teases a potential retest of the $201.69 or the 100% Fibonacci level.
Technical Indicators:
EMA: The crucial exponential moving average lines 50-day, 100-day, and 200-day maintain a positive alignment, giving a buy signal for Solana.
RSI: The minor pullback brings a small dip in the RSI line as it enters the oversold territory. Hence, the momentum indicator supports the possibility of retesting to increase the room for growth.
Will Solana Price Hit $250?
The $201.00 resistance level has led to a double-top reversal in April 2024. The post-retest reversal in Solana is likely to challenge the $222.00 or $249.00 at 1.272 or 1.618 Fibonacci levels.
Hence, the post-retest reversal from this level is likely to gain massive momentum. Furthermore, it signals a bullish entry opportunity for price action traders.
Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
FAQs
Solana’s strong bull run, marked by six consecutive bullish candles, drove it past the $200 psychological level to hit a 52-week high.
Critical levels include $222.00 and $249.00, aligned with the 1.272 and 1.618 Fibonacci extensions, respectively.
Yes, the retest of $201.69 offers a potential bullish entry point, supported by positive EMA alignment and oversold RSI levels.
