Will SOL Price Hold Above $200?

Solana has change into a most popular choice for a lot of enterprise capitalists and hedge funds, believing that its worth might attain new ATH throughout this bull market cycle. As Bitcoin goals for brand new all-time highs above $90,000, doubtlessly reaching $100,000 by the tip of the yr, there may be vital shopping for curiosity within the altcoin market. Solana, who’s main the cost, has handed the $200 mark.

Solana is rising regardless of declining statistics within the chain

Not too long ago, Solana’s worth noticed a major improve, crossing the $200 threshold and reaching a three-year peak at $225.21. This improve in Solana’s worth is pushed by the optimistic traits within the cryptocurrency market and the elevated demand for the Layer 1 blockchain community.

Over the previous week, the cryptocurrency market, particularly Solana, has made vital good points and even outperformed Bitcoin. Solana’s worth rose 38%, which is considerably bigger than Bitcoin’s 27% seven-day rise.

Additionally learn: Solana’s (SOL) new ATH hundreds and this is the place it may very well be

The market noticed huge inflows following Donald Trump’s victory within the forty seventh presidential election, in addition to elevated exercise within the cryptocurrency prediction markets. With Bitcoin hitting a brand new excessive above $93,000, most main altcoins additionally noticed a strong restoration, together with a pointy rise in Solana’s worth.

Nonetheless, the info on the chain is popping bearish because the variety of lively and new addresses has decreased. Information exhibits that the variety of lively addresses fell from 5.6 million to 4.9 million in seven days. However, the variety of new addresses dropped from 5.5 million to five million in only one week.

However, MV World’s Crypto Funding Supervisor Survey for This autumn 2024 expects the SOL worth to achieve $600 throughout this bull cycle. The analysis gathered insights from 76 main enterprise capital and hedge fund managers and revealed a number of traits out there.

Notably, 33% of respondents consider Solana’s worth will exceed $600 on this cycle, whereas 23.2% see $600 because the ceiling. The remaining individuals count on Solana’s worth to stay within the $150-$300 vary.

What’s subsequent for the SOL Prize?

Solana not too long ago surged previous the USD 210 resistance, giving the bulls an higher hand. Nonetheless, the worth struggled to take care of its momentum above $225, leading to a small pullback beneath the Fib degree of 23.6%. On the time of writing, SOL worth is buying and selling at $219, up over 3.8% within the final 24 hours.

Regardless of makes an attempt by the bears to push the worth beneath $200, the bulls efficiently maintained management, indicating that there was an try to ascertain $210 as a brand new assist degree. If profitable, the SOL/USDT pair might rise to $225 and probably attain $260.

Because the RSI degree is now buying and selling above the midline at degree 57, we might see a break above the $225 resistance degree quickly.

Conversely, if the bears wish to curb this upward trajectory, they should shortly push the worth beneath the 50-day SMA to $188. Doing so might lure overzealous bulls, resulting in a wave of sell-off and probably a drop to the essential assist degree at $164.