20.01.2025 17:50
As the crypto market enters a recovery process following the decline experienced on Sunday, Bitcoin has reached a new peak at $109,000. Meanwhile, a significant increase in demand for Solana is being observed. The question on everyone's mind is: Will the SOL price surpass $300 this week?
Solana is starting the week with a new wave of recovery, aiming for an all-time high and potentially surpassing the $300 mark. With an intraday gain of about 7%, Solana has rebounded to $270 after a drop following $295.
Although it experienced a loss of 3.68% on Sunday, the intraday gains formed a bullish candle and effectively ended the correction process. This indicates that buyers have regained control. As the price rejection occurs and a new bull rally begins, can Solana surpass $300?
Solana Price Analysis
On the daily chart, a clear bullish breakout above a local resistance trend line is visible. This breakout is reinforced by a double bottom reversal around $175, which is a strong signal.
With buyers establishing dominance above the 200 EMA (Exponential Moving Average) line, Solana has impressively experienced a 58% price increase over the past week. The price, starting from $169.22, has now increased by nearly 60%.
The bull rally has created consecutive bullish candles on the daily chart over the past week. Following the all-time high on Sunday, the daily candle closed with a decline, leading to a disruption in the bullish candles.
However, technical indicators remain optimistic. During the recovery process, the 50 and 20 EMA lines are crossing positively, indicating that upward momentum will continue. Additionally, the daily RSI (Relative Strength Index) has entered the overbought zone, further strengthening bullish predictions.
SOL Price Targets
According to calculations using Fibonacci levels, the next price targets for Solana are $286 and $317. This indicates that the current rally has the potential to surpass the psychological level of $300.
On the other hand, the critical support level for Solana is found at the horizontal support level of $244, which is the 78.60% Fibonacci level.
Note: None of the statements in this news constitute investment advice. The responsibility for trading decisions lies entirely with the investor.