As Solana bounces off from $124 to cross over the $130 resistance, the crypto market is anticipating a major comeback for the six biggest cryptocurrencies. Over the past seven days, the Solana price has surged by nearly 17%, reaching a market cap of $69.19 billion.
As the broader market anticipates a stronger recovery, will the uptrend reach the $150 mark? Let’s find out.
Solana Price Analysis Hints At A Surge to $153
In the daily chart, the Solana price trend has marked a bullish breakout of a falling wedge pattern. With the bearish pattern breakout, Solana has established dominance over the 20-day EMA line, previously acting as a dynamic resistance.
With a post-retest turnaround from the 20-day EMA line, Solana is ready to extend the breakout rally. Following the 4% surge last night, the uptrend continues with an extension of 2.03% intraday recovery.
Currently, Solana is trading close to $134 and challenges the 50-day EMA at $135. With a surge in bullish momentum, the MACD and signal lines are approaching the near-zero line. Hence, the momentum indicator showcases a high possibility of a major breakout run ahead.
Based on the EMA lines, the Solana price is likely to hit the 100-day EMA line at $153. On the flip side, the crucial support remains at the 20-day EMA at $125.
Whale Adds More as Solana Flips Ethereum in DEX Volume
As Solana gains momentum, the crypto whales are back to buy more. As per a recent tweet by OnChainLens, a newly created wallet has acquired a major stake in Solana.
The entity has withdrawn 38,592 SOL tokens worth more than $5 million. Furthermore, the Solana Network is witnessing a major comeback in its network activity.
As per a recent tweet by Ted Pillows, Solana flips major chains in DEX volumes over the last 7 days. As per the tweet, Solana records a massive DEX volume of $15.74 billion. This surpasses the second-biggest chain, Ethereum, which stands at $14.93 billion.
Analyst Suggests SOL Price Surge to $200
Amid the possibility of a bullish comeback, Daan Crypto Trades, a crypto analyst, highlights the possibility of a strong turnaround in Solana. The analyst highlights a nice bounce back in Solana from the $115 zone in the weekly chart.
With the new recovery run, the analyst anticipates a potential consolidation near the $130 and $140 zone. Beyond this, an uptrend continuation will likely reach the immediate resistance level near the $200 psychological mark.
