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Following a short-term market correction, Solana (SOL) is making waves in the recovery week, standing out as one of the top performers in the cryptocurrency segment. What are the long-term expectations for Solana, a leading smart contract platform?
SOL’s $200 Target
With increasing demand in the altcoin segment, the fifth-largest altcoin is valued well above $80 billion. Following this recovery, experts believe that the SOL price could be gearing up for a bull run beyond $200. The weekly chart shows an uptrend in SOL price, indicating a significant reversal of the trend. As the market grows, the altcoin’s weekly returns and trend momentum are also increasing.
This week, with a 25% increase, the Solana price is not only approaching the psychological mark of $200 but also ready to challenge the 78.60% Fibonacci level. Additionally, the weekly chart may show the third consecutive rising candlestick, reflecting a high-momentum upward trend. According to cryptocurrency analysts, Solana, which has recorded an increase of over 1000% in 180 days, could be preparing for an impressive comeback story. Crypto Traders Are Rushing to This App – Here’s Why You Should Too
Resistance Levels in Solana
Considering that the upward trend is expected to continue into 2024, the rapidly rising prices could easily surpass $250. Currently, the SOL price is trading at $186, up 2.35% for the day, which could signify a positive continuation. As the leading cryptocurrency Bitcoin reclaims $70,000, a market recovery could lead to momentum gains for altcoins.
According to Fibonacci levels, the recovery in Solana’s price could extend the bull run and quickly surpass the $200 mark. If the bull run continues, the $200 level could easily lift the altcoin’s market value to $250, potentially leading to an all-time high formation. Consequently, the cryptocurrency is performing well during the market’s recovery week, rising above the $80 billion valuation due to increased demand in the altcoin segment. Analysts believe it has an impressive comeback story with the potential to rise beyond $200 and up to $250.
