bullish

Solana

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/solana-price-analysis-heres-what-may-happen-if-the-sol-price-hits-200-this-week/" rel="noopener noreferrer nofollow">Solana Price Analysis: Here’s What May Happen if the SOL Price Hits $200 This Week!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto markets have been positively impacted by the latest developments and the support from broader markets. While the launch of the spot ETH ETF failed to have a significant impact, the recent Bitcoin conference filled the gaps. With a strong increase in buying pressure, the Solana price also broke above the momental resistance zone around $189, which has revived the hopes of reaching $200 before the end of the month.&nbsp;
Are bears stationed at $200? Will the SOL price withstand the upward pressure at these levels?
The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> has been closely monitored since the start, as it offered the best buying opportunity below $20. After a 10x rally, the bulls do not appear to be exhausted as the market participants remain optimistic about the upcoming price action. As a result, the SOL price is attempting to initiate a breakout from the bullish pattern, which may result in a 25% upswing in the coming weeks.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcxbUkHYAdZquSSh4s_3SnZgrSYIE3MOI3dTk-0Ffqv0VthAJYhi55FNViC1wpeViD-tE5Yvj1qANoG67fJQ6-WI0m_VMn0BHKvgwjN85ZxZUlMEaEO7Fhb6W3ro-3U89Urj2w1Rj34Q6yXNUNBFe9fKoEu?key=IY5o9bSXJmQgL-90gNW1ng" alt="">
</figure>
The SOL price has been displaying magnificent moves in the past few weeks which has elevated the levels within the decisive symmetrical triangle. Now that the price is testing the upper resistance of the triangle, a breakout may ease the bullish attempt to reach the interim target of $203. This could open the doors to test the higher targets at $229, $239 and finally at $250. However, a failed attempt may cause the price to hover within the triangle until it reaches the apex which may exceed 2024.&nbsp;
Nevertheless, the Solana bulls are expected to thrive as the weekly MACD is turning bullish, being within a positive range for the first time since October 2023. This is a huge bullish signal that has activated not only the upper targets but also revived the hopes of forming a new ATH, this year. Additionally, the Solana (SOL) price has reached the neckline of the double-bottom or the ‘w-shaped’ pattern and a breakout may offer a strong base for a continued ascending trend to mark a new ATH close to $300.&nbsp;

Solana Price Analysis: Here’s What May Happen if the SOL Price Hits $200 This Week!

CoinPedia News

Andere artikelen gepubliceerd op 29 jul 2024

Democrats and VP Kamala Harris push for pro-crypto policies ahead of the 2024 elections

Ripple Siap Buka 1 Milyar XRP Lagi pada 1 Agustus, Apa Dampaknya?

Donald Trump’s Son Also Speaks Out About Bitcoin

Senator Cynthia Lummis Proposes U.S. Strategic Bitcoin Reserve to Reduce National Debt

Bitcoin at $69,000: Trump Revived Investor Optimism

Bitcoin at $68,000: Trump reignited investor optimism

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!