Solana (SOL) is showing signs of recovery after recent price volatility. With key levels forming support, traders are beginning to question whether the SOL price can recover to $150 or if it can rally to $200. This article will detail Solana’s current market trends, technical analysis, and potential future price action.
Solana Price Recovers from $120 and Targets $150
Solana price started to rebound after falling to $120 and broke the $125 resistance and stabilized above $128. The SOL/USD pair is currently trading above the 100 hourly simple moving average, forming a bullish trend line near $130. If SOL price can overcome the $135 and $138 resistance levels, it could gain the momentum needed to reach $150.
This uptrend is not inevitable. If the price fails to break the $138 resistance, it could fall again to test the $130 support and possibly fall back to $126 or even $120. Technical indicators are showing mixed signals, with the MACD showing a slowdown in bullish momentum and the RSI still holding above 50.
SOL Price Targets $200: Reality or Wishful Thinking?
Although Solana’s price has recovered to $130, it still faces resistance on the road to $200. The previous drop to $125 caused some hesitation in the market, and although the price has rebounded slightly, there are still doubts about the strength of the rebound.
A major factor in Solana’s ability to reach $200 is low capital inflows. After a massive outflow of $100 million on September 6, buying pressure returned with a modest inflow of $1 million. This is well below the $175 million inflows that Solana saw when it broke through $200 in March, suggesting that a return to this level may require stronger market support.
Additionally, market sentiment around SOL has turned negative, with indicators such as Santiment weighted sentiment showing an increase in pessimism. If this trend continues, it could dampen demand and limit the potential for continued gains.
Solana Price Technical Barriers: Has SOL Price Broke Downtrend?
From a technical perspective, Solana’s price faces significant challenges. The price is trading inside a descending triangle pattern, which is a bearish sign, and is struggling to break out of the resistance around $130 to $135. While there have been attempts to break out, low liquidity and reduced inflows have hampered the upward momentum.
For Solana to break out of this bearish trend and seriously move towards $150 or even $200, it will need a significant increase in buying pressure. Without this inflow of funds, SOL will most likely remain stuck between the $126 support and $135 resistance levels in the short term.
What’s Next for Solana Price?
Although Solana has made great strides in recovering from its recent decline, the altcoin still faces significant challenges to reach higher levels. A breakout above the $135 and $138 resistance levels will be crucial for the price to move towards $150, but a move above the $200 mark seems unlikely without significant inflows. Traders should keep an eye on key support and resistance levels and monitor market sentiment to gauge where Solana is headed next.
