Solana (SOL) Price Prediction: SOL Price Breaks out of Downtrend, Targeting $200 Resistance

The price of Solana has gained much stability in the past few weeks following a four-month price crash from a high of $295 to a region of $95

The price of Solana (SOL) has shown great strength in the past few weeks as the coin’s price recovered from a four-month crash.

Solana’s (SOL) price decreased rapidly from a high of $295 to a region of $95, which saw the price stall and begin recovering. This recovery saw the price of SOL completely nullify the crash, putting the coin back in the same price range it was at the beginning of 2024.

A strong breakout accompanied this price action for Solana (SOL) on the four-hourly timeframe to the upside as the price of SOL reclaimed its previous support zone of $120, an attempt at breaking below this zone saw bears quickly lose ground.

Solana’s (SOL) price breaking above $120 and retesting this zone indicated that the bulls were in control of the price as they pushed it toward a high of $147, an over 45% gain for the crypto asset within the last few weeks. This price move also saw the price of SOL move 50% closer to its all-time high.

Solana’s (SOL) price breaking above $120 and retesting this zone indicated that the bulls were in control of the price as they pushed it toward a high of $147, an over 45% gain for the crypto asset within the last few weeks. This price move also saw the price of SOL move 50% closer to its all-time high.

As the price of Bitcoin (BTC) broke down from a region of $84,500 before the opening of a new weekly candle, the crypto behemoth’s price had formed a clear triple-top no on the daily timeframe. As the price broke down, it formed a bearish price pattern that saw the price decrease further.

However, the price broke out of this downtrend as it rallied throughout the last week to reach a high of $91,000. Afterward, the price pulled back, testing the breakout level.

Bitcoin’s (BTC) rally has influenced the price of SOL toward a high of $147, and if the price continues upwards, it could reach a region of $180 to $200.

At these levels, the coin will have reached 100% of its previous crash, which could be a key factor to watch out for. If the price breaks above this zone, it has strong potential to trade towards its all-time high as bulls will dominate its price more to the upside.

Currently, the price of SOL is bullish, trading into a key supply zone of $180.

A recent analysis from a crypto expert on X highlights the potential for further gains in Solana (SOL), despite a slight setback from the key resistance level.

CryptoVIPsignal, a crypto analyst on X, shared his thoughts on the price action of Solana (SOL), noting that the coin’s price had pulled back slightly from the upper boundary of the Fib.

“The #price is forming an Inverse Head & Shoulders (IH&S) pattern on the daily time frame. There is a high likelihood that we will see a move towards the support area for further #accumulation. Currently, the price is at the resistance area. Consider adding some puts if there is no breakout.”

As the price pulled back, it had also retested the neckline of the head-and-shoulders pattern, which could indicate that the bears are still present and could exert some selling pressure.

However, with the price breaking out of the pattern and the Fib level, it is clear that the bulls are in control of the coin’s price at the moment.

Another crypto analyst, CryptoBull, shared a similar sentiment, noting that the price of SOL had broken out of its downtrend and was now looking for more upside potential.

“$SOL displaying strong bullish momentum! The price is consolidating, signaling a potential breakout. Once confirmed, we’re targeting a move to $270. With increased volume and positive market sentiment, $SOL could surge quickly. Watch key resistance levels—once breached, the next logical move is up!”

Solana’s (SOL) price broke down rapidly from a high of $295 to a region of $95, which saw the price stall and begin recovering. This recovery saw the price of SOL completely nullify the crash, putting the coin back in the same price range it was at the beginning of 2024.

A strong breakout accompanied this price action for Solana (SOL) on the four-hourly timeframe to the upside as the price of SOL reclaimed its previous support zone of $120, an attempt at breaking below this zone saw bears quickly lose ground.

Solana’s (SOL) price breaking above $120 and retesting this zone indicated that the bulls were in control of the price as they pushed it