Rally

Solana

Bitcoin

Billion

Reversal

<img width="1200" height="703" src="https://coingape.com/wp-content/uploads/2024/03/image-19-e1709979901547.jpg" class="attachment-full size-full wp-post-image" alt="Solana" decoding="async" style="float:right; margin:0 0 10px 10px;">
Making waves in the recovery week after the short market-wide correction, <a href="https://coingape.com/solana-sol-dex-volume-hits-3-5b-high-amid-memecoin-explosion/">Solana</a> comes out as a top performer in the top coins segment. With the growing demand in the altcoins segment, the fifth-largest altcoin is well above the $80 Billion valuation. Amidst this recovery, the SOL price is preparing a bull run beyond the $200 milestone. Heading for a new all-time high, is this the best time to enter long? 
Also Read: <a href="https://coingape.com/solana-outage-latest-resolution-hacks-teased-by-developers/">Solana Outage: Latest Resolution Hacks Teased by Developers</a> 
<h2 id="b-high-momentum-rally-sets-sol-price-for-next-breakout-b">High Momentum Rally Sets SOL Price For Next Breakout</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/8/8upQbfrV.png" alt="BINANCE:SOLUSDT Chart Image by sahilmahadik07"> 
With a bullish reversal in the weekly chart, the SOL price showcases a remarkable trend reversal. Amidst the growing market, the trend momentum is on the rise as the weekly returns for the altcoin are growing, evident by the bullish engulfing candles.&nbsp; 
With a 25% jump this week, the <a href="https://coingape.com/price/solana/">Solana price</a> is ready to challenge not just the psychological mark of $200 but also the 78.60% Fibonacci level. Further, the weekly chart showcases the third consecutive bullish candle, reflecting the high momentum bullish trend in motion. 
With more than a 1000% jump in the 180 days, Solana is undoubtedly one of the top performers and writes a spectacular bullish reversal story. Considering the uptrend continues in 2024, the skyrocketing prices of Solana could easily surpass the $250 mark.&nbsp; 
Also Read: <a href="https://coingape.com/markets/3-reasons-why-solana-price-could-tumble-to-140-before-blasting-to-200/">3 Reasons Why Solana Price Could Tumble To $140 Before Blasting To $200</a> 
<h2 id="b-where-will-the-reversal-rally-lead-solana-to-b">Where Will The Reversal Rally Lead Solana To?</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/m/MhYEZd5j.png" alt="BINANCE:SOLUSDT Chart Image by sahilmahadik07"> 
Currently, the <a href="https://coingape.com/solana-price-approach-200-amid-historic-spike-in-new-spl-token-creation/">SOL</a> price trades at $186 with an intraday gain of 2.35%, marking a positive continuation. Further, with the market bouncing back as Bitcoin reclaims the $70,000 mark, the altcoins are expected to gain momentum.&nbsp; 
As per the Fibonacci levels, the turnaround in Solana price is extending the bull run and could shortly exceed the $200 mark. If the bull run continues, the $200 mark could easily pump the altcoin’s market value to the $250 mark and lead to a new all-time high formation.&nbsp; 
Also Read:<a href="https://coingape.com/solana-sol-price-to-hit-210-or-correction-to-180-ahead/">Solana Genesis Day: Options Traders Prepare for Further Upside As SOL Price Nears $200</a> 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">Exponential Moving Average: A sharp upswing in the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> reflects an aggressive recovery trend in action.</li> 
</ul> 
<ul> 
 <li aria-level="1">MACD Indicator: With the uptrend in motion, the MACD and signal lines avoid a bearish cross and continue to prolong the rising trend. Hence, the momentum indicator showcases a continuous rise in underlying demand.</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-solana-price-recovery-surpass-200-this-week/">Will Solana Price Recovery Surpass $200 This Week?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Solana Price Recovery Surpass $200 This Week?

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