Convergence

Solana

Show

Momentum

Solana price forecast: SOL has seen a significant increase over the past 24 hours. SOL price has broken above the $170 resistance level after a strong bullish trend. The <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> is currently at $172.53, marking a 4.32% rise in the last day. The market cap has also grown to $79 billion, positioning Solana at rank 5 by <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/">CoinMarketCap</a>.
The 24-hour trading volume surged by 31.50%, reaching $2.6 billion. This substantial volume increase signifies heightened trading activity and investor interest in Solana. The circulating supply is 459 million SOL, while the total is 577 million SOL.
<h2 id="span-style-font-weight-400-solana-price-forecast-bullish-momentum-breaks-170-resistance-span">Solana Price Forecast: Bullish Momentum Breaks $170 Resistance</h2>
Solana price has seen an ascending trend, trading in a range of $162 to $174 over the past few weeks. This upward momentum is supported by increasing trading volumes and positive market sentiment.
<figure id="attachment_200679" aria-describedby="caption-attachment-200679" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200679" src="https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-05_13-41-40-e1717588655767.png" alt="Solana Price Forecast: SOL Surges Past $170 Resistance. Could $200 Be the Next Target?" width="1200" height="603">
 <figcaption id="caption-attachment-200679" class="wp-caption-text">
 Solana Price Forecast
 </figcaption>
</figure>
The altcoin Solana has shown resilience recently, with a 2% increase. As Bitcoin approaches $70,000, a potential bull run could boost Solana and other altcoins. Solana’s positive momentum is driven by increased network activity and high developer retention rates. Additionally, a surge in <a href="https://coingape.com/trending/3-solana-meme-coins-to-buy-as-sol-hits-170/" rel="noopener noreferrer nofollow">Solana meme coins</a> contributes to this bullish trend, signaling further growth for the altcoin.
According to <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Solana?volume=true">DefiLlama data</a>, Solana’s total value locked (TVL) has reached $4.928 billion. The stablecoins market capitalization on <a href="https://coingape.com/markets/solana-price-forecast-here-is-what-next-for-sol-as-defi-tvl-explodes/#:~:text=Future%20Price%20Predictions%20and%20Market%20Sentiment&amp;text=A%20sustained%20upward%20trajectory%20could,%24155%2C%20indicating%20a%20bearish%20market." rel="noopener noreferrer nofollow">Solana</a> is $3.042 billion, reflecting the network’s robust liquidity. Over the past 24 hours, the network has generated $1.46 million in fees and $730,057 in revenue, indicating active user engagement and transaction volume.
<h2 id="span-style-font-weight-400-technical-indicators-show-cautiously-optimistic-outlook-span">Technical Indicators Show Cautiously Optimistic Outlook</h2>
Solana is displaying signs of bullish momentum. If the bulls successfully push the price past the $180 resistance level, this could pave the way for further gains. Overcoming this barrier might drive <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL</a> towards the next key resistance at $190.&nbsp;
Sustaining this upward trajectory could lead to an ambitious attempt to breach the $200 mark. If the bullish pressure mounts further, the altcoin could aim for $250 as the next target.
Conversely, shifting market sentiment towards the bears could change Solana’s fortunes. If SOL fails to maintain its momentum, a drop below the critical support level of $170 could occur. Continued bearish pressure might push the price down to the next support level of $150.
The technical indicators for Solana on the daily chart reveal a cautiously optimistic outlook.&nbsp;The Moving Average Convergence Divergence (MACD) indicator displays a potential bullish crossover, with the MACD line crossing above the signal line.&nbsp;
Additionally, the Average Directional Index (ADX) at 12.32 reflects a weak trend.&nbsp; The 4-hour chart for Solana reveals a recent upward momentum. The Relative Strength Index (RSI) is at 65, suggesting that SOL is approaching overbought territory.
<figure id="attachment_200677" aria-describedby="caption-attachment-200677" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-200677" src="https://coingape.com/wp-content/uploads/2024/06/SOLUSD_2024-06-05_13-53-16-e1717588513335.png" alt="Solana Price Forecast: SOL Surges Past $170 Resistance. Could $200 Be the Next Target?" width="1200" height="603">
 <figcaption id="caption-attachment-200677" class="wp-caption-text">
 Solana Price Forecast| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/UOiDZgzg/">Tradingview</a>
 </figcaption>
</figure>
Additionally, the Awesome Oscillator (AO) presents a positive value of 5.08. This positive momentum is marked by green bars, indicating an increasing bullish momentum. The AO has shown consistent positive bars, which aligns with the potential upward price movement observed in the candlestick patterns.
The post <a href="https://coingape.com/markets/solana-price-forecast-as-sol-rockets-past-170-could-200-target-be-next/" rel="noopener noreferrer nofollow">Solana Price Forecast: As SOL Rockets Past $170, Could $200 Target Be Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Forecast: As SOL Rockets Past $170, Could $200 Target Be Next?

Table of Contents

Coingape News Media

Other articles published on Jun 5, 2024

Meme Coin Market Up 4.6% with BODEN Leading

Massive Gains for Hipposol Memecoin on Solana, as $Hippos Token Presale Nears Completion

MoonBag Leads as the Top Crypto Presale of 2024, Surpassing Dogeverse and BitBot

LUNC Price Analysis: Terra Luna Classic Targets 63% Gain After Breakout

Talisman Wallet Launches Quests App to Gamify Users’ Rewards Experience in Polkadot and Ethereum

Why Bitcoin (BTC) and Ethereum (ETH) Investors Are Watching Bitgert, SOL, BNB

Join our free newsletter for daily crypto updates!