Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week?
Highlights
- The formation of an inverted head and shoulder pattern in SOL signals a change in market sentiment from selling on rallies to buying on dips.
- The overall supply from the broader market may plunge the Solana coin to $160 before initiating its next leap.
- The 24-hour trading volume on the Solana coin is $2.2 Billion, indicating a 12% loss.
Solana Price Analysis: The altcoin market experienced a pause in its recovery momentum over the weekend, influenced by Bitcoin facing resistance at $67,500. With Bitcoin slightly down by 0.2%, Solana, the fifth largest cryptocurrency, saw a sharper decline of 2%, currently trading at $169. However, market participants view this downturn as a chance to recharge after the vigorous rally earlier in the week, potentially setting the stage for buyers to reenter and drive recovery as the new week progresses.
Also Read: Crypto Market Analysis 19/5: Altcoins Recovery Stalls as BTC Stabilizes at $67k
Solana Breaks $160 Neckline with Eyes Set on $210
The first three weeks of May have been notably bullish for Solana (SOL), with its price jumping from $112 to $168, marking a 50% growth. This recovery, characterized by a firm higher low, suggests buyers are accumulating at market dips, signaling a shift in market dynamics. The rising price has also formed an inverted head and shoulders pattern, indicating a bottom formation for Solana.
On May 17th, SOL price broke through the $160 neckline resistance, confirming a bullish reversal pattern. If this pattern holds, buyers could drive the post-breakout rally to $210, representing a potential 24% gain.
However, with Bitcoin stabilizing below $67,600, SOL faced overhead supply, pushing its value to $169. This minor pullback retests the asset’s sustainability above $160, providing a solid support level for a higher rally.
Conversely, a breakdown below the neckline would invalidate the bullish outlook, potentially plunging Solana back to $138.
Also Read: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K
Technical Indicator
- Exponential Moving Average: A bullish crossover between the 20- and 50-day EMA should accelerate the recovery momentum in SOL price.
- Relative Strength Indicator: The daily RSI slope above 60% assures an optimistic sentiment among traders for the near future.
- Breaking: Crypto Market Crashes as Trump Imposes 100% Tariff on China
- ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations
- U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown
- Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies
- Breaking: Bitcoin Falls After Trump Threatens ‘Massive’ Increase in Tariffs on China
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
