As the crypto market bounces back and prepares for a new all-time high in 2024, the altcoin segment is heating up. With Bitcoin at $67,913, the broader market recovery could reclaim the $3 Trillion valuation of the crypto market. Amid the rising tide, the Solana ecosystem is expanding at a rapid pace, and the SOL price might soon cross above the $200 psychological mark. Will Solana give a breakout rally to surpass $200 in July 2024? Find out more in our SOL price prediction.
Solana Price Performance
With a remarkable recovery in the last two weeks, the SOL price has increased by 40% from $131 to $184. However, the intraday pullback of 1.69% drops the current price of Solana to $181. Further, Solana ranks #5 with a $84.25B market cap and #3 in the DeFi world with a TVL of $5.39B.
The recent recovery in SOL price from the $130 demand zone results in a double bottom with a neckline at $185. Following the streak of four consecutive bullish candles, there is a high possibility of a breakout rally surpassing the $200 mark.
Further, the 75% hike in the trading volume to reach $3.25B bolsters the possibility of an extended up move.
Technical Indicators:
RSI: The daily RSI line hits a borderline overbought zone with a massive jump in the last few days. However, the lack of bearish divergence increases the uptrend chances as the demand continues to grow rapidly in this recovering market.
DMI: The uptick in the ADX line following the bullish crossover of the VI lines bolsters Solana’s breakout chances.
Will The SOL Price Hit $250?
Retracing the correction phase with the Fibonacci levels, the double bottom neckline is just 15 points shy of the $200 level. Currently, the ongoing recovery is likely to surpass the overhead neckline and unleash the trapped momentum to exceed $200.
As per the Fibonacci levels and the double bottom pattern, the uptrend in the Solana price can reach the $250 mark.
