Solana (SOL) Continues to Recover, Breaches $170, and Eyes $200 Target

Solana (SOL) is making headlines as it continues to recover significantly. After plummeting to the $150 mark a few weeks ago, SOL has breached $170 and is now trading at $175.53.

Solana (SOL) has shown signs of recovery after a period of decline. The cryptocurrency, which had fallen to around $150 a few weeks ago, has now crossed the $170 mark and is trading at $175.53, showing a significant 25.6% increase over the past two weeks.

With the momentum building up for SOL, some crypto analysts are predicting a bullish breakout. Some experts believe that SOL’s latest surge suggests its potential to reach $200. This price movement could have a substantial impact on certain key metrics where Ethereum (ETH) is showing dominance.

The latest price pumps are being attributed by crypto insiders to a substantial increase in Solana’s trading volumes and a rise in daily active addresses, which have now crossed the 100 million mark.

However, some analysts and market observers are still bearish on the token. Blockchain experts have pointed out that SOL’s price is gradually rising within a rising wedge, a bearish pattern that could indicate a potential breakdown from this structure, leading to a 40-50% decline from the current level.

Some crypto analysts also stated that SOL reaching $200 might take some more time. For Solana to make this gigantic price leap, it needs to expand its user base to include more traditional finance institutions and enterprises. Market conditions also have to remain favorable for SOL to reach this level.

While blockchain whales are keeping an eye on the latest developments with Solana, many have begun exploring new generations of altcoins with cutting-edge features and utilities. One of these altcoins is the zero-gas coin JetBolt (JBOLT).