Rally

Solana

Bitcoin

Solana Price Analysis: The altcoin market experienced a pause in its recovery momentum over the weekend, influenced by <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> facing resistance at $67,500. With Bitcoin slightly down by 0.2%, <a href="https://coingape.com/markets/solana-price-prediction-can-sol-reach-250-in-the-next-bull-run/" rel="noopener noreferrer nofollow">Solana</a>, the fifth largest cryptocurrency, saw a sharper decline of 2%, currently trading at $169. However, market participants view this downturn as a chance to recharge after the vigorous rally earlier in the week, potentially setting the stage for buyers to reenter and drive recovery as the new week progresses.
Also Read: <a href="https://coingape.com/markets/crypto-market-analysis-19-5-altcoin-recovery-btc-stabilizes-67k/" rel="noopener noreferrer nofollow">Crypto Market Analysis 19/5: Altcoins Recovery Stalls as BTC Stabilizes at $67k</a>
<h2 id="span-style-font-weight-400-solana-breaks-160-neckline-with-eyes-set-on-210-span">Solana Breaks $160 Neckline with Eyes Set on $210</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/h/H411fm0X.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price Analysis| Tradingview
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The first three weeks of May have been notably bullish for Solana (SOL), with its price jumping from $112 to $168, marking a 50% growth. This recovery, characterized by a firm higher low, suggests buyers are accumulating at market dips, signaling a shift in market dynamics. The rising price has also formed an inverted head and shoulders pattern, indicating a bottom formation for Solana.
<blockquote>
 On May 17th, <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price</a> broke through the $160 neckline resistance, confirming a bullish reversal pattern. If this pattern holds, buyers could drive the post-breakout rally to $210, representing a potential 24% gain.
</blockquote>
However, with Bitcoin stabilizing below $67,600, <a href="https://coingape.com/markets/solana-price-prediction-can-sol-surpass-the-200-milestone-by-end-of-this-weekend/" rel="noopener noreferrer nofollow">SOL</a> faced overhead supply, pushing its value to $169. This minor pullback retests the asset’s sustainability above $160, providing a solid support level for a higher rally.
Conversely, a breakdown below the neckline would invalidate the bullish outlook, potentially plunging Solana back to $138.
Also Read: <a href="https://coingape.com/markets/bitcoin-price-analysis-whale-accumulation-pre-ftx-levels-btc-rally-74k/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K</a>
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: A bullish crossover between the 20- and 50-day EMA should accelerate the recovery momentum in SOL price.</li>
 <li aria-level="1">Relative Strength Indicator: The daily RSI slope above 60% assures an optimistic sentiment among traders for the near future.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-analysis-can-sol-surge-200-in-week/" rel="noopener noreferrer nofollow">Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week?

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