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Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week?

19.05.2024, 22:51   22
Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week?

Solana Price Analysis: The altcoin market experienced a pause in its recovery momentum over the weekend, influenced by Bitcoin facing resistance at $67,500. With Bitcoin slightly down by 0.2%, Solana, the fifth largest cryptocurrency, saw a sharper decline of 2%, currently trading at $169. However, market participants view this downturn as a chance to recharge after the vigorous rally earlier in the week, potentially setting the stage for buyers to reenter and drive recovery as the new week progresses.

Also Read: Crypto Market Analysis 19/5: Altcoins Recovery Stalls as BTC Stabilizes at $67k

On May 17th, SOL price broke through the $160 neckline resistance, confirming a bullish reversal pattern. If this pattern holds, buyers could drive the post-breakout rally to $210, representing a potential 24% gain.

However, with Bitcoin stabilizing below $67,600, SOL faced overhead supply, pushing its value to $169. This minor pullback retests the asset’s sustainability above $160, providing a solid support level for a higher rally.

Conversely, a breakdown below the neckline would invalidate the bullish outlook, potentially plunging Solana back to $138.

Also Read: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K

The post Solana Price Analysis: Can SOL Surge Past $200 in the Coming Week? appeared first on CoinGape.



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