Amidst the broader market crash, the highest blue chip altcoins are taking an enormous hit to their market cap, leading to a large sell-off. From being a prime performer, the SOL value tanks amidst the sell-off leading to one other drop beneath the psychological mark of $150.
Is that this correction the ultimate drop threatening the $100 breakdown or a bullish reversal ready forward? Will Solana discover a rise in bullish momentum to hit $500 in 2024? Discover out extra in our SOL value prediction.
Will Solana Cross $200?
With a bullish restoration rally from a vital assist trendline, the SOL value reclaimed the $150 mark. Nevertheless, the altcoin didn’t exceed the 31.80% Fibonacci degree, which was near $165, leading to one other night star.
The downfall aligns with the broader market fall and retests the damaged resistance trendline. Because the probabilities of a post-retest reversal are minimal through the elevated provide wave, the SOL value is headed in the direction of $100.
At the moment, Solana’s native token exchanges arms at $143 with an intraday fall of two.25%, main to a different bearish engulfing candle. Additional, the downfall may rechallenge the bullish dominance on the assist trendline.
Technical Indicators:
MACD Indicator: The MACD and sign strains are merged beneath the adverse territory, teasing a constructive crossover. Nevertheless, the downfall in SOL value may end in an prolonged adverse development.
DMI: The DMI indicator exhibits a downtick within the ADX line, reflecting a loss in development momentum. Additional, the VI strains threaten a adverse crossover.
Will SOL Value Hit $500?
Regardless of the continuing correction part the underlying demand stays robust for Solana on the psychological mark of $100. Additional, a broader market comeback may enhance the bullish momentum leading to a post-retest bounce again.
If the SOL value crosses the 61.80% Fib degree and the psychological mark of $200, the consumers are aiming for increased ranges. Contemplating the uptrend regains momentum, the Solana market worth can peak at $200 by the tip of this month.