Solana Tests $200 Mark with Sights on $250 as Network Accelerates
- Solana reaches $201.19 before slight pullback to $197.67
- Technical indicators show bullish momentum with multiple crossovers
- Network TVL approaches yearly high at $6.855 billion with $3.67 million in daily fees
The fourth-largest cryptocurrency by market capitalization demonstrates sustained bullish momentum as it challenges significant psychological barriers supported by robust network metrics and technical formations.
With a market capitalization reaching $94 billion, Solanas recent price action suggests potential for continued upward movement.
Solana technical patterns align
Price action reveals an inverted head and shoulders pattern completion, with current movements representing a post-retest phase following support at the 50% Fibonacci level ($159.54).
The recovery phase has produced four consecutive positive daily candles, translating to a 26.39% price appreciation from recent lows.
Solana Technical indicators present compelling evidence for sustained momentum, featuring both MACD bullish crossover and golden cross formations between key moving averages. However, the 100-day SMAs position below the 200-day average suggests medium-term sentiment requires further confirmation.
Fibonacci extension analysis projects potential targets at $224 and $253, corresponding to 1.272 and 1.618 extension levels, respectively. Support established at $183.65 (78.60% Fibonacci retracement) provides a foundation for possible healthy retests during the upward trajectory.
SOL network fundamentals reinforce positive price action as Total Value Locked (TVL) approaches $7.248 billion, currently standing at $6.855 billion. Daily fee collection of $3.67 million, generating $1.83 million in revenue, indicates robust network utilization and growing demand for SOL tokens.
The convergence of technical formations, network metrics, and market positioning creates a compelling case for continued strength, though careful monitoring of key support levels remains crucial for maintaining bullish market structure.
Read more: https://thenewscrypto.com/solana-tests-200-mark-with-sights-on-250-as-network-accelerates/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
