2024

Rally

Solana

SOL, the native token of the Solana ecosystem has effectively rebounded from the recent sell-off in the crypto market. On March 5th, the altcoin plunged to $105 value but reverted sharply indicating the buyers are accumulating this asset at market dips. The long-tail rejection candle suggests the <a href="https://coingape.com/price/solana/">Solana price</a> sustainability above $120 support has kept the bullish projection intact with the development of the cup and handle pattern.&nbsp; 
Also Read: <a href="https://coingape.com/blog/solana-soars-to-140-after-scooping-the-prestigious-cmc-crypto-of-the-year-award/">Solana Soars to $140 After Scooping the Prestigious CMC Crypto of the Year Award</a> 
<h2 id="b-solana-nears-150-milestone-amid-rising-market-sentiment-b">Solana Nears $150 Milestone Amid Rising Market Sentiment</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/tn5rGyBQ.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
 </figcaption>
</figure> 
An analysis of the daily time frame chart shows the Solana coin price has been developing a bullish reversal pattern called the cup and handle pattern. This chart setup indicates the asset has been through a long accumulation phase which led to a major bottom formation and the emergence of a new recovery trend. 
<blockquote>
 On March 1st, the <a href="https://coingape.com/blog/solama-meme-coin-why-is-solama-price-pumping-by-1800/">SOL price</a> exhibited a bullish breakout from the reversal pattern’s neckline resistance around $125. Over a week, this upward momentum propelled the asset by 19.5%, with its price currently trading at $149. Concurrently, Solana’s market capitalization experienced a significant boost, ascending to $66 billion.
</blockquote> 
As reported by, a renowned crypto analytics firm Santiment, Solana (SOL) is nearing a significant milestone, poised to cross the $150 mark for the first time since January 16th, 2022. The sentiment among the crypto community—gathered from social platforms such as Twitter, Telegram, Reddit, and 4Chan—shows a moderate bullish trend towards the $SOL token.&nbsp; 
Despite this optimism, the sentiment isn’t overwhelmingly positive to the point of triggering fears of FOMO (fear of missing out) that could disrupt the rally. Historical patterns suggest that doubt often acts as a catalyst for price increases. Currently, Solana is showcasing a 54% positive sentiment from these discussions, indicating a cautious yet optimistic outlook for its potential climb in market value. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> is on the brink of crossing $150 for the first time since January 16th, 2022. Crowd sentiment is leaning slightly <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw">#bullish</a> toward #5 market cap <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>, but not to the extent where <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw">#FOMO</a> could halt a rally. Doubt historically fuels prices higher. <a href="https://t.co/DDtDxlCT6F">https://t.co/DDtDxlCT6F</a> <a href="https://t.co/XP22cQxdkl">pic.twitter.com/XP22cQxdkl</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1765827717910659519?ref_src=twsrc%5Etfw">March 7, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/markets/solana-price-analysis-is-dex-trading-volume-surge-poised-to-push-sol-beyond-200/">Solana Price Analysis: Is DEX Trading Volume Surge Poised To Push SOL Beyond $200?</a> 
<h2 id="b-bullish-pattern-sets-a-solana-price-rally-to-250-b">Bullish Pattern Sets a Solana Price Rally to $250</h2> 
Currently trading at $149.4, the <a href="https://coingape.com/solana-price-rallies-8-pantera-buy-250m-sol-from-ftx/">Solana</a> price shows a suitable follow-up to the recent breakout of the cup and handle pattern. Under the influence of this setup, the buyers are likely to chase $250m suggesting a potential growth of 67.4%. 
However, the recovery won’t be unidirectional as the altcoin will witness a minor pullback to gather sufficient momentum. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">BB Indicator: The midline of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator stands as key support during the occasional market correction.</li> 
 <li aria-level="1">Average Directional Index: The ADX slope at 20% indicates the current record is in the early stage and buyers are likely to drive a higher rally.</li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-rally-fueld-social-media-is-200-reach/">Solana Price Soars Amid Social Media Buzz: Can It Target $200 Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Soars Amid Social Media Buzz: Can It Target $200 Next?

Table of Contents

Coingape News Media

Other articles published on Mar 8, 2024

Analyst Picks DeeStream (DST) Over Binance Coin (BNB) and Bitcoin Cash (BCH): A Closer Look at th...

GTA Token Skyrockets: A New Era of Crypto-Gaming Unfolds

Testimony Project - Humanode

Good News from Binance for Ripple (XRP) Investors!

Crypto exchange Gemini planned public debute via Genesis merger, court documents show

The best cryptocurrency portfolio trackers of 2024

Join our free newsletter for daily crypto updates!