Will Solana Price Reach $200 Before the End of the Month?
After a significant rise to over $97,000, the Bitcoin price has once again dropped below the range, interrupting a continued bullish trend. This has also had an impact on the Solana price, preventing it from securing highs above $190. However, despite the selling pressure, there has been less buying pressure, leading the bulls to defend the support and hinting at a potential ascending trend. The question now is whether the SOL price will reach $200 before the end of the month.
Recent Moves and Expectations
Solana has been making major moves both technically and fundamentally, drawing significant attention. Whether it’s the potential spot for ETF approval or its advancements in AI integration, which is set to power over 70% of AI agents, the SOL price is expected to attract bullish sentiments. This could lead to a influx of liquidity in the market, reviving the SOL price rally towards new highs.
Technical Analysis
Looking at the weekly chart of the SOL price rally, there seems to be an excess price squeeze following the recent drop from levels above $215. The token is currently consolidating, hinting at a potential push towards the edge of the consolidation and a rise above $200.
The recent rise has pushed the price above the ascending trend line, raising the possibility of reclaiming the $200 resistance. The +Di & -Di levels are showing a divergence, hinting at a potential bullish crossover and a shift in the trend. Additionally, the MACD is on the verge of a bullish crossover and could enter the positive range, signaling the start of a new ascending trend.
Future Outlook
If the Solana price manages to secure the resistance zone, a rise to $225 could be on the cards, but this would require a significant influx of buying volume. In the meantime, the price may continue its horizontal consolidation below $250. However, market sentiments are expected to improve later in the year, potentially leading to a strong ascending trend.