Solana Price Sustains Optimism Amid Market Weakness, Aiming for $500 in 2024
- Despite intraday weakness in the market, Solana (SOL) price maintains optimism, sustaining above the $160 mark.
- Solana has seen a 15% surge over the past 30 days and a market cap of $74.72 billion, indicating a path to recovery.
- The SOL price action near the $160 mark remains crucial, with a bullish comeback potentially breaking above the previous swing high of $200.
Despite the intraday weakness in the market, as Bitcoin and Ethereum struggle to maintain their positions, the Solana (SOL) price trend sustains an optimistic outlook. Even with a bearish closing to last week, the SOL price has managed to hold above the crucial $160 mark, offering a bullish perspective.
The weekly chart reveals a rounding reversal from the $120 support zone, indicating a rise in underlying demand. As Solanas trend reversal gains traction, the question arises: Will SOL cross above the $200 mark and hit the $500 target in 2024? Our SOL price prediction delves into the details.
Solana Price Performance Analysis
Solana has experienced a 15% surge over the past 30 days and boasts a market cap of $74.72 billion, signaling a path to recovery. However, last weeks candle shows a higher price rejection due to the broader market slowdown.
Nevertheless, buyers have managed to avoid any bearish continuation this week, with a 2.18% jump in price. Furthermore, Solana sustains above the 61.80% Fibonacci level, presenting a buy-the-dip opportunity before a potential comeback.
Will SOL Price Reach $200?
As the broader market anticipates Bitcoin reaching the $100,000 mark, altcoins are expecting an altseason to follow soon. With the altseason approaching, the bull run in Solana is likely to gain momentum, potentially propelling the price beyond the $200 level.
In the short term, however, the SOL price action near the $160 mark remains crucial. A bullish comeback this week could break above the previous swing high of $200, potentially extending the uptrend to reach the $250 peak.
Conversely, a breakdown rally under $160 could lead to a drop towards the $130 support level.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
