Solana Leads Rally As Expectations For A Break Above $200 Grow

Solana has recently captured the eye of market participants with a remarkable surge to $175, stunning investors and analysts alike. Solana is currently up 40% from its lowest point of $123 this month. The cryptocurrency’s strong upward momentum has reignited optimism amongst traders and investors, who are actually eagerly anticipating a possible breakthrough above the $200 mark in the approaching week.

Growing Speculation Of SOL Breaking Above $200

In response to data from Santiment, Solana has experienced a formidable breakout, surging by 33% because the 4th of July. Interestingly, the on-chain tracker observed that despite this significant price increase, there was still a notable amount of negativity surrounding Solana amongst some traders. This persistent skepticism created a Fear of Missing Out (FOMO) amongst the vast majority of investors, which in turn fueled the upward momentum of Solana’s price. The worth surge implies that Solana faithful, which have held on despite the prolonged drop last month, have been largely rewarded for his or her patience.

📈 The Solana faithful have been rewarded for his or her patience as prices have broken out +33% because the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL could be very much reachable soon. pic.twitter.com/hLpf8qZVqb

— Santiment (@santimentfeed) July 19, 2024

Analysts at Santiment are optimistic about Solana’s future, predicting that the present price surge will proceed and potentially push SOL past the $200 mark again. On the time of writing, Solana is trading at $171, which suggests it will must experience an extra 17% increase to succeed in the anticipated $200 level.

“Until FOMO replaces the FUD, $200 SOL could be very much reachable soon,” Santiment said.

This projection of continued growth is grounded in recent market trends and the general bullish sentiment that has been constructing around Solana. Investors and traders are watching closely to see if Solana can maintain its momentum and reach the $200 goal.

Solana market cap currently at $80.1 billion. Chart: TradingView

SOL Technical Evaluation

Technical evaluation on SOL price also suggests a bullish breakout above $200. In response to crypto analyst CryptoBusy, Solana is now forming a pennant formation on the each day candlestick chart. The chart reveals that since March 2024, Solana has exhibited a pattern of lower highs and better lows, drawing out a tightening range and a squeeze in price corrections.

This consolidation phase typically sets the stage for a breakout, with CryptoBusy suggesting a price goal of around $210 if Solana breaks to the upside.

🚨 #Solana $SOL HUGE PENNANT on the 1D chart!

Be careful for this price motion! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9

— CryptoBusy (@CryptoBusy) July 18, 2024