With Solana becoming the fourth largest crypto, SOL price reaches a new high of 52W and crosses the $200 mark. Now that a bull run is underway, Solana’s upside potential is growing and it is targeting a $250 price target.
Will the new crypto bull run result in a new all-time high for Solana in 2024? Let’s find out in Coinpedia’s latest Solana price analysis.
Solana (SOL) Price-performance
The ongoing bull run in Solana has surpassed the psychological barrier of $200 and sent the price surging 35% last week, leading to six consecutive bullish candles. Solana marks a new 52-week high at $215.
However, the intraday pullback of 1.67% drops the current trading price to $206.70. The pullback teases a possible retest of the $201.69 or 100% Fibonacci level.
Technical indicators:
EMA: The crucial 50-day, 100-day, and 200-day exponential moving average lines remain positively aligned, providing a buy signal for Solana.
RSI: The small pullback creates a small dip in the RSI line as it enters oversold territory. The momentum indicator therefore supports the possibility of retesting to increase the room for growth.
Will the Solana price reach $250?
The $201.00 resistance level has led to a double top reversal in April 2024. The reversal after the Solana retest is likely to challenge the $222.00 or $249.00 at 1,272 or 1,618 Fibonacci levels.
Therefore, post-retest reversal from this level is likely to gain a huge boost. Moreover, it indicates a bullish entry opportunity for price action traders.
Curious about the future of Solana? Read our Solana (SOL) price forecast for an overview of long-term goals!
Frequently asked questions
Solana’s strong bull run, marked by six consecutive bullish candles, pushed it past the psychological $200 level and reached a 52-week high.
Critical levels include $222.00 and $249.00, in line with the 1,272 and 1,618 Fibonacci extensions, respectively.
Yes, the $201.69 retest offers a potential bullish entry point, supported by positive EMA alignment and oversold RSI levels.