Solana Price Forecast: As SOL Rockets Past $170, Could $200 Target Be Next?

Solana price forecast: SOL has seen a significant increase over the past 24 hours. SOL price has broken above the $170 resistance level after a strong bullish trend. The Solana price is currently at $172.53, marking a 4.32% rise in the last day. The market cap has also grown to $79 billion, positioning Solana at rank 5 by CoinMarketCap.

The 24-hour trading volume surged by 31.50%, reaching $2.6 billion. This substantial volume increase signifies heightened trading activity and investor interest in Solana. The circulating supply is 459 million SOL, while the total is 577 million SOL.

Solana Price Forecast: Bullish Momentum Breaks $170 Resistance

Solana price has seen an ascending trend, trading in a range of $162 to $174 over the past few weeks. This upward momentum is supported by increasing trading volumes and positive market sentiment.

The altcoin Solana has shown resilience recently, with a 2% increase. As Bitcoin approaches $70,000, a potential bull run could boost Solana and other altcoins. Solana’s positive momentum is driven by increased network activity and high developer retention rates. Additionally, a surge in Solana meme coins contributes to this bullish trend, signaling further growth for the altcoin.

According to DefiLlama data, Solana’s total value locked (TVL) has reached $4.928 billion. The stablecoins market capitalization on Solana is $3.042 billion, reflecting the network’s robust liquidity. Over the past 24 hours, the network has generated $1.46 million in fees and $730,057 in revenue, indicating active user engagement and transaction volume.

Technical Indicators Show Cautiously Optimistic Outlook

Solana is displaying signs of bullish momentum. If the bulls successfully push the price past the $180 resistance level, this could pave the way for further gains. Overcoming this barrier might drive SOL towards the next key resistance at $190. 

Sustaining this upward trajectory could lead to an ambitious attempt to breach the $200 mark. If the bullish pressure mounts further, the altcoin could aim for $250 as the next target.

Conversely, shifting market sentiment towards the bears could change Solana’s fortunes. If SOL fails to maintain its momentum, a drop below the critical support level of $170 could occur. Continued bearish pressure might push the price down to the next support level of $150.

The technical indicators for Solana on the daily chart reveal a cautiously optimistic outlook. The Moving Average Convergence Divergence (MACD) indicator displays a potential bullish crossover, with the MACD line crossing above the signal line. 

Additionally, the Average Directional Index (ADX) at 12.32 reflects a weak trend.  The 4-hour chart for Solana reveals a recent upward momentum. The Relative Strength Index (RSI) is at 65, suggesting that SOL is approaching overbought territory.

Additionally, the Awesome Oscillator (AO) presents a positive value of 5.08. This positive momentum is marked by green bars, indicating an increasing bullish momentum. The AO has shown consistent positive bars, which aligns with the potential upward price movement observed in the candlestick patterns.