The Rise of Solana (SOL): Could it Reach $200 Soon?

Solana (SOL), the fifth largest cryptocurrency by market capitalization, has been making significant waves in the crypto market lately. According to on-chain analytics firm Santiment, SOL has stunned bears with a 33% increase over the last two weeks, breaking out since July 4. This surge in price has been attributed to crowd doubt towards SOL, benefiting Solana Hodlers who have seen a 33% increase in prices.

Santiment predicts that as long as the fear, uncertainty, and doubt (FUD) persist, Solana could continue to see price climbs, with a potential to reach the $200 mark in the near future. However, if FOMO (fear of missing out) replaces the FUD, this milestone might be reached sooner than expected.

Is Solana Heading Towards $200?

At the time of writing, SOL was trading at around $169, showing a 1% increase in the last 24 hours and a 21% increase weekly. The recent rebound in SOL’s price has seen it rise steadily from lows of $121 on July 5, with bullish momentum driving the token higher.

Crypto analyst Ali Martinez has identified a bullish “W” pattern in Solana’s price chart, signaling a potential double bottom formation and a price target of $175. This pattern could pave the way for a further increase towards the $200 level if the upward momentum continues.

However, it’s crucial to keep an eye on SOL’s price movements in the coming days. A drop below the moving averages could signal a temporary setback, bringing SOL back to its previous consolidation range before the next major move.

Overall, the outlook for Solana remains positive, with strong demand and positive sentiment driving the token’s price higher. If the current trend persists, reaching the $200 milestone seems like a realistic possibility for SOL in the near future.

About the author:

Tomiwabold Olajide is a cryptocurrency analyst and experienced technical analyst who closely follows cryptocurrency research and conducts comprehensive price analysis. Holding a degree from the University of Lagos, Tomiwabold provides insights and predictions on estimated market trends.