$600 and Beyond This Bull Run?

With a market cap of $115 billion, Solana is at the moment ranked because the 4th largest cryptocurrency within the business. It is just 12 billion shy of surpassing Tether USDT. The SOL token is approaching the psychological mark of $250 with an intraday acquire of two.40%.

Over the previous week, the inventory has risen practically 16%, indicating a possible bull run is forward. So let’s check out Solana’s bull run odds to create a brand new all-time excessive this 12 months.

Solana (SOL) Value-performance

On the each day chart, SOL value motion reveals a second consecutive bullish candle in formation. After final night time’s 10% acquire, the uptrend continues with an intraday acquire of two.42%.

Trading view

The value is at the moment buying and selling at $243, which will increase the probability of a bull run past the psychological barrier of $250. Within the weekly chart, the development reversal in Solana reveals a cup-and-handle reversal with a difficult psychological barrier at $250.

Furthermore, the short-term value development reveals a bearish triangle rally. That is the third with the breakout rally.

Technical indicators:

MACD: The value improvement of the Solana begins the third constructive week with the elevated possibilities of a bull run. The sturdy enhance in shopping for strain has led to a constructive crossover within the MACD indicator.

Will the Solana value attain $250?

Primarily based on the Fibonacci ranges, the continuation of the uptrend above $250 might end in an increase in the direction of $600 or the Fibonacci degree of 1,272. In the meantime, the bull run might goal the $1,850 mark on the Fibonacci degree of 1,618.

Given the massive upside, the Solana value is prone to attain a brand new all-time excessive in 2024. Then again, the breakout rally might witness a small retest of the breakout on the $250 degree.

Inquisitive about the way forward for Solana? Learn our Solana (SOL) value forecast for an summary of long-term objectives!

Steadily requested questions