SOL Is Bullish; Could Solana Price Overcome The $200 Hurdle Soon

• The Solana coin price has surged by 50% in the past 17 days, showcasing a bullish trend.
• Its trading volume has increased by 85% in the past 24 hours.
• The SOL crypto ranked 5th in the cryptocurrency market in terms of market capitalization at press time.

The technical chart displayed that the SOL price departed from the demand zone and headed for the supply zone. After a strong bullish trend, the Solana crypto price seemed stuck in a parallel channel on top.

The price has been defending the $125 mark since March. Conversely, the SOL price has attempted twice to overcome the $200 hurdle but failed.

Based on the chart, the buyers managed to lift the price to the last swing high. The recent bullish momentum indicated buyers were eyeing the $200 mark.

When writing, the SOL price traded at $179.64 with an intraday loss of 2.73%. Its market capitalization was $83.37 Billion, and the 24-hour trading volume was $3.59 Billion.

Will There Be a Massive Upsurge After Pullback?

$SOL

Sub $167 is where I'll look to long.

I understand it's been strong, understand I may not get the pullback I'm looking for, but I can only trade good setups, no FOMO.

If I just don't get an entry for the 2nd half of July, so be it lol luckily past few months been amazing. pic.twitter.com/or2SE8Fbal

— Crypto Chase (@Crypto_Chase) July 22, 2024

A source on X claims the Solana crypto price can shoot up after a pullback. According to the source, it might be good to enter for long at $167 for a sharp move. There is no need to enter FOMO if the price keeps surging without a pullback.

Technical Analysis of SOL Price on 1-D Timeframe

After defending the major support level, the Solana coin price moved to the $200 mark. If the buyers remain strong, the price may approach the $200 mark in the next few weeks.

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Suppose the price extends to the $200 mark and forms any bearish candlestick pattern, a short-term profit booking can be expected. As per the technical chart, sellers looked strong, and profit booking could be possible in this zone.

On the other hand, buyers might become confident if the SOL price manages to surpass the supply zone. Suppose the SOL price triggers a breakout after the consolidation phase, intense buying pressure can be possible. 

Assuming the trading volume increases at the time of the breakout, buyers can target a new all-time high. 

Based on the technical indicators, the histograms have remained green even in the consolidation phase. MACD displayed a golden crossover, and the Signal line exceeded the Zero line. 

When writing, the Solana price traded over the key moving averages, showcasing the bullish forecast.

Will Solana Price Keep Soaring?

The SOL price displayed solid bullish momentum at press time. The potential for SOL to overcome the $200 hurdle was quite apparent, especially considering the recent surge in price and trading volume. 

The short-term profit booking may indicate strong selling pressure at that level. On the flip side, a breakout and sustained increase in trading volume beyond the supply zone could generate intense buying pressure. That might drive the SOL coin price towards a new all-time high.

Technical Levels

The SOL price is expected to face resistance from the $200 and $240 mark. The price may take support at $155 and $125 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.