In an environment where the market is in an uptrend, the fifth largest cryptocurrency solana It is heading towards a peak rise. Having left behind the important milestone of $80, SOL is in a strong uptrend with factors supporting the market recovery.
altcoinThe fact that has entered a solid recovery process by exceeding the psychological limit of $ 100 causes investors to wonder about Solana’s future performance. At this point, could SOL price start a rapid rise towards the $200 mark in the short term?
Can Solana Price Reach Above $125?
SOL price is making a rolling reversal towards the $125 mark, which is a key resistance level on the Solana chart. This level forms the resistance of the recent rise and is located approximately close to the 50% Fibonacci level. Moreover, the trading volume indicator is showing a bearish crosstrend indicating the possibility of a retracement from the $125 level, which could indicate a double top formation.
As of now, SOL price is trading at $113.77, with a 20% increase in the last ten days, and it is struggling to surpass the $125 resistance.
Technical Indicators:
The MACD indicator is showing a bearish trend in a brief retracement phase, despite the bullish recovery over the last few weeks. While the MACD and signal lines are heading towards a crossover, the breakout of $125 could prevent this crossover. This could be a sign of a possible correction in the price of SOL in the market.
Will SOL Price Return to $200?
Koinfinans.com As we reported, after the breakout of $125, reaching the $200 target becomes more likely for Solana. However, the high supply level of $125 means that buyers will struggle seriously to overcome this resistance.
Therefore, some traders may wait for SOL price to surpass $125 for a potential entry point. On the downside, altcoin prices could possibly retest the $100 level. These levels can be decisive on the short-term course of the SOL price.
