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<p>Over the past two weeks, <strong><a href="https://www.thecoinrepublic.com/price-prediction/solana/" rel="noopener noreferrer nofollow">Solana (SOL)</a></strong> price has seen an exponential growth of over 40% and is on the edge of a breakout. The SOL bulls were eyeing to breach the cluster of $190 to extend the bullish rally toward the $200 mark.</p>
<p>The <strong>Solana </strong>has been traded inside a symmetrical triangle pattern for the past few weeks and has undergone a retracement. It recently retested the 200-day EMA mark and made a double-bottom formation.</p>
<p>Last week, bulls succeeded in smashing the pattern’s upward cluster of $165 and registered a breakout. Afterward, bulls did not take a break and continued to accumulate.</p>
<p>Fueled by the sustained buying pressure and consistent uptick, the SOL price seemed primed to extend the bullish leg toward the $200 mark.</p>
<p>In addition to the breakout, VanEck has submitted a request to the US SEC seeking approval to have a <strong>Solana ETF</strong>. However, the decision may only come next year, and various other factors may influence its finality.</p>
<p>Veteran investors are investing a lot of money into Solana’s performance in the Web3 space. The upcoming Solana ETF approval could also boost this crypto asset’s utility and value.</p>
<p>At press time, <strong>Solana </strong>was trading at $186.34 with an intraday surge of over 3.62%, revealing a buying momentum. Its market cap ranking was #5, with a market cap of $86.60 Billion.</p>
<h2 class="wp-block-heading" id="h-sol-price-ready-to-revisit-its-all-time-high-ath"><strong>SOL Price Ready to Revisit Its All-Time-High (ATH)?</strong></h2>
<p>Recently, the Solana coin signified a change in its dynamics and gained traction accompanied by a demand surge. In addition to the bullish breakout, the SOL coin was eyeing to break the immediate hurdle of $190 to revisit the round mark of $200.</p>
<p>Moreover, its price action highlighted that once the <strong>SOL price </strong>crosses the cluster of $200, the next bullish leg might lead SOL toward its ATH mark of $260.</p> <iframe title="Santiment Chart: Price (SOL), Volume (SOL), RSI 1d (SOL)" width="800" height="425" src="https://embed.santiment.net/chart?ps=orca&amp;pt=ORCA&amp;df=2024-01-27T18%3A29%3A59.008Z&amp;dt=2024-07-27T18%3A29%3A59.008Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bsolana%3BSOL%5D%3B%5B1%3Bvolume_usd%3Bsolana%3BSOL%5D%3B%5B1%3Brsi_1d%3Bsolana%3BSOL%5D&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22__appliedInterval%22%3Atrue%7D" scrolling="no"></iframe>
<p>This week, the Solana coin had a promising start, formed a three white soldiers pattern, and crossed the significant moving averages. In addition, a golden crossover was spotted, which gave a firm conviction for the short-term potential upside ahead.</p>
<h2 class="wp-block-heading" id="h-total-value-locked-tvl-continued-to-rise"><strong>Total Value Locked (TVL) Continued to Rise</strong></h2>
<p>Since the beginning of 2024, the TVL continued to rise and reached the yearly high mark of $5.473 Billion with an intraday positive change of 2.30%. That signified a bullish stance and positive sentiment among the investors.</p>
<figure class="wp-block-image size-large"><img fetchpriority="high" decoding="async" width="1024" height="292" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-1024x292.png" alt="Total Value Locked Solana" class="wp-image-629761" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-1024x292.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-300x86.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-768x219.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-1536x439.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-150x43.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-696x199.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165-1068x305.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-165.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Total Value Locked Solana
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</figure>
<p>However, the <strong>SOL price</strong> has reached the highest cluster of its upper Bollinger band, signifying a possible profit booking could take place soon. Still, the RSI and MACD indicators continued to direct the bullish view.</p>
<h2 class="wp-block-heading" id="h-social-dominance-and-open-interest-summary"><strong>Social Dominance and Open Interest Summary</strong></h2>
<p>Amidst the significant price increase, the media buzz remained neutral for the Solana coin. The dominance curve stayed above the midline, at 4.53%, replicating a nominal discussion activity among the investors on social media platforms.</p> <iframe title="Santiment Chart: Social Dominance (SOL), Total Open Interest in USD (SOL)" width="800" height="425" src="https://embed.santiment.net/chart?ps=orca&amp;pt=ORCA&amp;df=2024-01-27T18%3A29%3A59.008Z&amp;dt=2024-07-27T18%3A29%3A59.008Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bsolana%3BSOL%5D%3B%5B1%3Btotal_open_interest%3Bsolana%3BSOL%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>However, the futures trading activity peaked, and the Open Interest (OI) data continued to rise. It rose over 9.54% to $3.08 Billion, revealing the long additions in the past 24 hours.</p>
<p>Crypto Analyst @WorldofCharts tweeted that <strong>SOL </strong>price confirmed a breakout of a symmetrical triangle pattern and is ready for a significant rally ahead.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Sol&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$Sol</a><br><br>Breakout &amp; Retest Has Already Confirmed Send It Towards 250$<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Sol?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Sol</a> <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> <a href="https://t.co/OrS11frVbC" rel="noopener noreferrer nofollow">https://t.co/OrS11frVbC</a> <a href="https://t.co/y0Y3EdHbfY" rel="noopener noreferrer nofollow">pic.twitter.com/y0Y3EdHbfY</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1817078508423905354?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-surge-in-liquidations-nbsp"><strong>Surge In Liquidations&nbsp;</strong></h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="284" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-1024x284.png" alt="Liquidity Chart&nbsp; Source: Coinglass" class="wp-image-629756" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-1024x284.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-300x83.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-768x213.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-150x42.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-696x193.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164-1068x297.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-164.png 1397w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidity Chart&nbsp; Source: Coinglass
 </figcaption>
</figure>
<p>The short liquidations were at $2.24 Million at press time, whereas the long liquidations were at $140k. This data signified that sellers were in trouble and tried to cover their gains.</p>
<p>If the <strong>Solana</strong> fails to cross the immediate hurdle of $190, it could face a profit booking and might retest its prompt support levels of $180 and $172. Suppose it succeeds in smashing the $190 mark, the next upside hurdle would be around $200, followed by $210.</p>
<p>Notably, the <strong>Solana price </strong>climbed above the key moving averages and triggered a sharp rise. Along with the rise, the buyers have grabbed their upper hand and are willing for a next bullish leg toward the $200 mark.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/28/solana-sol-price-breaks-out-eyeing-to-capture-200-mark/" rel="noopener noreferrer nofollow">Solana (SOL) Price Breaks Out, Eyeing To Capture $200 Mark?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Solana (SOL) Price Breaks Out, Eyeing To Capture $200 Mark?

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