Is $223 Target in Sight?

Solana (SOL) price shoots overnight with the news of the U.S. Crypto Reserve to hit $180. Will the hype drive the SOL prices beyond $200?

Along with XRP, Cardano, Bitcoin, and Ethereum, Solana is one of the altcoins Donald Trump has chosen as a part of the U.S. Crypto Reserve. This decision has led to a bullish spike in Cardano and Solana, reaching a $180 peak. 

However, the intraday pullback drops the SOL market price to $161 as a potential retest. Will Solana prolong the overnight recovery to reclaim the $200 psychological mark? 

Solana Price Hits 50% Fibonacci Level at $180, Aims $200 Breakout

On the daily chart, the SOL price trend shows bullish support above the $125 level. Solana initiated a bullish reversal after a lower price rejection, fueled by news-driven sentiment.

The overnight recovery in SOL accounted for a 24.47% jump from $143 to $178. The massive bullish engulfing candle saw the price hit the overhead resistance at the 50% Fibonacci level near $180.

However, as bullish exhaustion set in, Solana experienced a sharp 10% pullback. This marked a piercing candle, breaching the 38.20% Fibonacci level at $165.

Nevertheless, a sudden momentum shift has led to a bullish crossover in the MACD and signal line. Moreover, the daily RSI line has moved back toward the neutral zone from the oversold region. These technical indicators suggest increased buying pressure, pointing to a potential continuation of the bullish trend.

Analyst Points Out Channel Breakout, Targets $213

Supporting the chances of a bullish continuation, Ali Martinez, a crypto analyst, highlights a potential price move to $213. As per his tweet, Solana is breaking out of a descending parallel channel. 

#Solana $SOL appears to be breaking out of a descending parallel channel, setting its sights on a potential move to $213! pic.twitter.com/5kvl8JVJR5

— Ali (@ali_charts) March 2, 2025

Based on the price action levels, the uptrend in Solana is hinted to reach the 38.20% Fibonacci level at $213. Currently, the intraday pullback comes as a potential retest of the falling channel breakout in the 4-hour chart mentioned by Ali Martinez. 

Whales Unstake To Cash Amid Price Recovery

As the Solana price skyrockets, multiple whales are cashing in on Solana. As per the OnChain Lens, 3 million SOL tokens worth $510 million have been deposited to the Binance exchange. 

Just In: 3M $SOL, valued at $510.36M, has been deposited into the #Binance cold wallet from a stake account after 2 months of dormancy.

This wallet likely belongs to #Binance itself.https://t.co/ooOykh5MVM pic.twitter.com/gfhfZQzKXr

— Onchain Lens (@OnchainLens) March 3, 2025

This transfer comes from a cold wallet of a staking account after nearly two months of dormancy. 

Furthermore, another whale has transferred 48,647 SOL tokens worth nearly $7 million. After unstaking within the past 12 hours, the whale deposited the tokens to Binance for a profit of $1.61 million. 

Bulls Target $213 as Solana Gains Momentum

With the short-term profit booking leading to an intraday pullback of nearly 10%, Solana will likely witness a post-retest reversal as the market stabilizes. Based on the Fibonacci levels, a breakout of the 50% level will likely challenge the 78.60% Fibonacci level at $223. 

On the flip side, the crucial support for Solana remains the $150 psychological mark.