Solana Price Forecast: Could SOL Retest $200?

Current Market Conditions

Will SOL price make a meteoric comeback and reclaim the target price of $200 this Q4? Or will this altcoin lose momentum and retest its lower support trendline this year?

SOL Price Holds Its Value Above $160

Despite recording a correction of 1.52% in the past day, the Solana token has jumped:

• 7.52% over the past week
• 13.46% in the past 30 days

With a year-to-date return of +62.48%, Solana has secured its position as the fifth-largest cryptocurrency, boasting a market cap of $77.52 billion.

The Relative Strength Index (RSI) continues to hover close to its overbought range in the daily time frame, indicating increasing buying pressure for the altcoin.

Additionally, the Simple Moving Average (SMA) indicator consistently supports the SOL price projection, suggesting that the fifth-largest cryptocurrency may continue to gain value in the near future.

On-Chain Data Highlights Increased Solana Dominance

Recent reports indicate that the Solana token has regained momentum, with its dominance recording a steady rise over the past few days. The SOL crypto has shown significant gains against top pairs such as:

• Bitcoin
• Ethereum
• Binance Coin
• SUI

This rising dominance suggests increasing adoption of Solana in the market, hinting at a strong bullish outlook for both the short and long term.

How High Will SOL Price Go in 2024?

Maintaining the price above its support of $160 could set the stage for a retest of the resistance level at $181 this month. If the market favors the bulls in the upcoming months, this could potentially lead Solana’s price toward the high of $200.

However, if the bears regain control, the SOL crypto could drop toward its support level of $155. In the event that market uncertainty intensifies, the crypto space could face a significant price correction, potentially plunging this altcoin to its crucial low of $127.