Solana Price $200 Target In Jeopardy, Here’s Why

Solana (SOL) price moved north on Tuesday, along with majors Bitcoin (BTC) and Ethereum (ETH). Despite the renewed bullish outlook, the crypto community expressed concern over the possibility of Gary Gensler, the current SEC Chair, ascending to the Treasury Secretary office if Kamala Harris wins in 2024 elections.

Solana Price Market Movers: Kamala Harris Potential Win, Social Volume Spike, Weighted Sentiment Recovery

• Solana price signaled a new bullish footing, with short-term support at $140 coming in handy. The uptick above $145 mirrors growing interest among traders, aiming for the $200 target. However, the crypto community appears openly worried over the aftermath of a Kamala Harris win in US elections later in the year. Although Republican candidate Donald Trump is believed to be crypto’s favorite candidate, his chances of winning have diminished since President Joe Biden dropped out of the race.
• Meanwhile, odds currently favor Harris, posing serious concerns in the crypto community because she is likely to uphold the same policies by the Biden Administration, possibly picking Gary Gensler, the current SEC Chair, for the key Treasury Secretary position, according to Santiment Insights. Gensler’s tenure at the SEC has been scoffed at due to his strict approach to regulating cryptocurrencies. With the SEC already raising concerns about Solana’s security status, his potential ascension to the Treasury Secretary office could mean a major setback for the broader crypto industry and select assets like SOL and Cardano (ADA).

• Based on data from Santiment, social media chatter around Solana is rising again after sustaining a downtrend since August 8. Consistent increase in social volume often indicates growing investor interest, potentially leading to increased trading activity and SOL price volatility. The spike in the weighted sentiment suggests that most of the messages making up the social volume are very positive.

Solana Price Analysis: Bullish Fractal Plays Out

Solana price technical structure is solid, holding above several key levels like the 200-day EMA and critical support areas at $140 and $130. The Moving Average Convergence Divergence (MACD) indicator is on the cusp of sending a buy signal on the daily range, affirming the SOL bullish case to $200.

Solana has been trapped between $130 and $190, creating a recurring fractal pattern. Past price movements within this range suggest potential recoveries to $190, or even $200, following a recent bounce off the $130 support level.

Conversely, SOL price prediction highlights the 20-day and the 200-day EMAs, which could make the recovery to $200 an uphill battle. Should Solana price bow to potential selling pressure at $150, a pullback to $140 or even $130 may follow to allow for a fresh collection of liquidity before bulls take back the reins.