Solana Surges 40% Toward $250 Price Target: Cryptocurrency Momentum Update

Solana’s Price Action and Breakout Potential

Solana’s price action shows a double bottom pattern with a key level at $180. The rising ADX line in the DMI indicator indicates growing momentum in the trend. If Solana’s price breaks above $180, it could rise to $250. As the crypto market recovers and aims for a new all-time high in 2024, the altcoin sector is becoming increasingly active. With Bitcoin trading at $67,913, the overall market could soon regain its $3 trillion valuation. During this recovery, the Solana ecosystem is growing quickly, and the SOL price might soon break above the $200 mark. The question now is whether Solana will have a breakout rally and surpass $200 in July 2024.

Solana’s Price Surge and Breakout Potential

In the past two weeks, Solana’s price has surged by 40%, climbing from $131 to $184. It has recently pulled back slightly by 1.69%, now trading at $181. Solana holds the #5 spot with a market cap of $84.25 billion and ranks #3 in the DeFi sector with a total value locked (TVL) of $5.39 billion. The price recovery from the $130 demand zone has created a double bottom pattern, with the neckline at $185. Given the recent streak of four bullish candles, a breakout rally above $200 is highly likely.

• The 75% increase in trading volume, reaching $3.25 billion, adds strength to the potential for further gains.
• The daily RSI has reached a borderline overbought zone due to a significant recent jump. However, the absence of bearish divergence suggests that the uptrend could continue, supported by strong demand in the recovering market.
• The DMI indicator shows an uptick in the ADX line following a bullish crossover of the VI lines, further enhancing Solana’s breakout prospects.

Solana’s Path to $250: Key Technical Levels

Examining the correction phase with Fibonacci levels reveals that the double bottom neckline is just 15 points below the $200 level. The current recovery trend is poised to break through this neckline, potentially unleashing momentum that could push the price above $200. Based on Fibonacci levels and the double bottom pattern, the uptrend in Solana’s price has the potential to reach $250.