Solana’s recent surge to $175 has surprised investors and analysts and caught the attention of market participants. Solana is now up 40% from its low of $123 this month. The cryptocurrency’s strong upward momentum has reignited optimism among traders and investors, who are eagerly anticipating a possible breakout above $200 within the coming week.
Traders are also noting that a bullish pennant formation is visible on the SOL price chart, which reaffirms expectations that the SOL price will reach $200. This pattern is typically seen as a continuation signal, suggesting that the current uptrend may continue into next week.
Speculation grows that SOL will surpass $200
According to data from Santiment, Solana has experienced a remarkable breakout, surging 33% since the 4th of July. Interestingly, on-chain trackers observed that despite this significant price increase, negativity around Solana was still prominent among some traders. This persistent skepticism created Fear of Missing Out (FOMO) among a majority of investors, which fueled the momentum of Solana’s price rise. The price surge means that Solana’s loyal fans who held out despite the extended decline last month have been greatly rewarded for their patience.
Solana’s loyal fans have been rewarded for their patience as the price has risen +33% since July 4. This rise has been fueled by crowd skepticism about SOL, with $200 SOL likely to be achievable soon until FOMO replaces FUD. pic.twitter.com/hLpf8qZVqb
Analysts at Santiment are optimistic about Solana’s future, predicting that the current price surge could continue and see SOL surpass $200 again. At the time of writing, Solana is trading at $171 and would need to rise by another 17% to reach the expected $200 level.
“Until FOMO replaces FUD, SOL $200 is achievable soon,” Santiment said.
This prediction of continued growth is based on recent market trends and the overall bullish sentiment surrounding Solana. Investors and traders are watching closely to see if Solana can maintain momentum and reach the $200 target.
SOL Technical Analysis
Technical analysis of SOL price also suggests a bullish breakout above $200. According to crypto analyst CryptoBusy, Solana is currently forming a pennant formation on the daily candlestick chart. The chart shows that since March 2024, Solana has been exhibiting a pattern of lower highs and higher lows, triggering a narrowing range and squeezing the price correction.
This consolidation phase usually sets the stage for a breakout, with CryptoBusy suggesting a price target of around $210 for Solana if it rises.
Meanwhile, crypto analyst Ari Marinez believes the pennant flag could drive Solana to a 900% rally to $1,800. While such a big rally is speculative, it highlights the bullish sentiment and current FOMO surrounding Solana within the crypto community.
Featured image from Mudrex, chart from TradingView
