Although many experts are optimistic about a strong price increase for Solana (SOL), the path back to the $1000 mark still seems to face many challenges, especially around the $200 resistance level. Currently, Solana's price is struggling to maintain stability above the $150 mark, largely due to weak market sentiment and declining investor participation on online platforms.
However, in the context of the market gradually shifting to a more positive sentiment, Solana still has a chance to recover. Some cryptocurrency experts remain optimistic, believing that this digital currency still has plenty of room for growth. In fact, some believe that SOL could set new price peaks in the near future.
In a recent technical analysis, experts pointed out that the recovery in early April for Solana was a very positive signal. At that time, SOL had strongly bounced off the 200-week moving average (1-Week MA200) and maintained a continuous upward momentum throughout the month. The price closed several weekly sessions in the green, indicating increased buying pressure.
Currently, SOL's next target is to conquer the resistance level at the 50-week moving average and the blue trend line around $170. This is considered an important threshold to determine whether the current uptrend can continue.
If Solana can clearly break the $170 level and hold above it, this could serve as a springboard for the price to challenge the $200 mark – a strong resistance that has repeatedly hindered the upward trend of this cryptocurrency.
In the event of successfully surpassing the $200 mark, technical analysts believe that the price level of $350 will be the next target – this corresponds to the upper peak of the wedge pattern that is forming. If this trend continues positively and is supported by liquidity and market sentiment, the possibility of Solana going further, even reaching the $1000 mark, is entirely feasible in the medium to long term.