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Home Altcoins

Solana’s price can rally to $200 if this prediction comes to pass

March 10, 2024
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  • Solana boasted of robust bullish momentum and demand.
  • The lower timeframes showed that bullish sentiment has weakened in recent hours.

Solana [SOL] witnessed heightened network participation amidst the ongoing meme coin rally. Decentralized exchanges based on the Solana network experienced a boom in activity, AMBCrypto reported.

The price of SOL was also trending higher. Technical analysis highlighted the next bullish target, which also had confluence with a round number resistance level.

The Fibonacci extension levels signal another 30%+ rally

Solana 12-hour price chart

Source: SOL/USDT on TradingView

The move above $32.13 on the 26th of October 2023. It signaled a bullish trend continuation on the daily timeframe.

The rally from $51.23 to $126.36 in the final months of 2023 was used to plot a set of Fibonacci levels (pale yellow).

The 61.8% level at $79.93 was retested as support in January before the rally continued. This signal arrived in early March, when SOL breached the former high at $126.36.

Now, the 61.8% and the 100% extension levels at $172.79 and $201.49 are the next key bullish targets. The RSI was in the overbought territory but does not imply a correction is imminent.

The OBV continued to trend higher, showing steady buying volume.

The bullish sentiment has been muted in the near-term

SOL Coinalyze

Source: Coinalyze

AMBCrypto’s analysis of Coinalyze metrics revealed that the Open Interest saw a decline from $2.3 billion to $2.05 billion from the 8th to the 10th of March.

At the same time, prices fell from $151 to $144, before rising to $148 at press time. This indicated a weakened bullish sentiment over the past couple of days.

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Is your portfolio green? Check out the SOL Profit Calculator


The spot CVD also saw a decline over the past 24 hours. However, neither the spot demand nor the OI suggested a drastic price drop inbound.

Investors need not worry about a downtrend so long as SOL is above the $126 level.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Next: The fate of Ethereum ETFs looks uncertain – Is this why?

READ ALSO

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  • Solana boasted of robust bullish momentum and demand.
  • The lower timeframes showed that bullish sentiment has weakened in recent hours.

Solana [SOL] witnessed heightened network participation amidst the ongoing meme coin rally. Decentralized exchanges based on the Solana network experienced a boom in activity, AMBCrypto reported.

The price of SOL was also trending higher. Technical analysis highlighted the next bullish target, which also had confluence with a round number resistance level.

The Fibonacci extension levels signal another 30%+ rally

Solana 12-hour price chart

Source: SOL/USDT on TradingView

The move above $32.13 on the 26th of October 2023. It signaled a bullish trend continuation on the daily timeframe.

The rally from $51.23 to $126.36 in the final months of 2023 was used to plot a set of Fibonacci levels (pale yellow).

The 61.8% level at $79.93 was retested as support in January before the rally continued. This signal arrived in early March, when SOL breached the former high at $126.36.

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Now, the 61.8% and the 100% extension levels at $172.79 and $201.49 are the next key bullish targets. The RSI was in the overbought territory but does not imply a correction is imminent.

The OBV continued to trend higher, showing steady buying volume.

The bullish sentiment has been muted in the near-term

SOL Coinalyze

Source: Coinalyze

AMBCrypto’s analysis of Coinalyze metrics revealed that the Open Interest saw a decline from $2.3 billion to $2.05 billion from the 8th to the 10th of March.

At the same time, prices fell from $151 to $144, before rising to $148 at press time. This indicated a weakened bullish sentiment over the past couple of days.


Is your portfolio green? Check out the SOL Profit Calculator


The spot CVD also saw a decline over the past 24 hours. However, neither the spot demand nor the OI suggested a drastic price drop inbound.

Investors need not worry about a downtrend so long as SOL is above the $126 level.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Next: The fate of Ethereum ETFs looks uncertain – Is this why?
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BTC ETFs lose $457M after DeepSeek’s market entry – Details

January 30, 2025
‘Nyan Heroes’ Tops 100K Players on Epic Games, Reveals Solana NFT Rewards

‘Nyan Heroes’ Tops 100K Players on Epic Games, Reveals Solana NFT Rewards

April 6, 2024
Paraguay Raises Bitcoin Mining Power Fees by 14%, Companies Mull Stopping Operations

Paraguay Raises Bitcoin Mining Power Fees by 14%, Companies Mull Stopping Operations

July 3, 2024
Sticker Shop Launches on Telegram With Tradable NFT Decals on TON

Sticker Shop Launches on Telegram With Tradable NFT Decals on TON

December 17, 2024

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