Amidst a bullish frenzy in the market, the fifth biggest altcoin, Solana, is scaling heights with the intention of forming a new 52-week high. With a bullish reversal from the crucial level of $80, the SOL price is creating a strong uptrend with the supporting winds of market recovery.
As the altcoin is projecting a healthy recovery above the psychological mark of $100, the market is curious as to how high will Solana go. To find answers to such questions, check out our SOL price prediction that sees a strong uptrend shortly reaching the $200 mark.
Can Solana Price Break Above $125?
Source – TradingView
With a rounding reversal the SOL price is heading to the $125 mark, a crucial resistance in the Solana chart. Providing resistance to the last upswing, the $125 is close to the 50% Fibonacci level, marking an area of increased supply.
Further, on the weekly chart, the trading volume indicator is showing a declining trend that warns of a reversal from $125. This may lead to a double-top pattern.
Currently, the SOL price trades at $113.77, with a 20% jump in the last ten days, teasing a bullish break of $125.
Technical Indicators:
MACD Indicator: Despite the bullish recovery in the last few weeks, the short pullback phase warns of a bearish crossover in the MACD indicator. With the MACD and signal lines preparing a crossover, the $125 breakout can avoid a cross.
Will SOL Price Rush Back To $200?
Upon the anticipated $125 breakout, the path to $200 seems much easier than before for Solana. However, the high supply variable at $125 makes it a strong fort for buyers to conquer.
Therefore, the sideline traders can wait to find an entry point if and when the SOL price exceeds $125. On the downside, the reversal in the altcoin prices could retest $100.
Source: https://coinpedia.org/price-analysis/sol-price-prediction-how-big-will-the-solana-rally-this-year/