Discover the reasons behind the Solana price reaching a pivotal point, and assess whether it will persist in its upward trajectory to reach $200 or revert to previous support levels.
The price of Solana is steadily increasing, supported by the revival of its meme coin ecosystem.
It has experienced four consecutive days of growth and has reached its highest level since March 3. SOL has surged by 60% from its lowest point this year.
The question remains: will the SOL price rise to $200 or will it decline to test its previous lows?
Cryptocurrency analysts express optimism regarding the price of Solana.
The price of $SOL Solana surged as the majority of meme tokens within its ecosystem experienced significant increases.
Fartcoin's value has soared by 455% from its lows in March, elevating its market capitalization to over $1 billion.
Additionally, other well-known tokens such as Bonk and Dogwifhat have also seen substantial gains.
This upward trend has resulted in heightened activity across its decentralized exchange networks, including Raydium, along with an increase in transaction fees.
The price of Solana has surged following capital raises by two Wall Street firms, Janover and Upexi.
Janover has already invested over $20 million and plans to spend a total of $42 million in its acquisition efforts.
Meanwhile, Upexi intends to raise funds to acquire SOL coins, emulating MicroStrategy’s strategy.
Crypto experts on X express optimism regarding the continued increase in Solana's price. Notably,
Christiaan, a well-known professional in the field, highlighted the formation of a significant falling wedge pattern, predicting that the price will rise further and eventually reach $250.
The value of SOL could potentially increase due to Paul Atkins, the newly appointed SEC chair, who may choose to approve its ETFs.
In contrast to Gary Gensler, he might also endorse these ETFs that include staking features.
SOL Analysis: C&H Pattern Indicates Potential for Increased Profits
The chart presented above offers a more precise forecast for Solana's price. It indicates that the cryptocurrency has been developing a cup and handle formation since at least 2021.
The upper boundary of this cup reached $261, marking its peak in 2021. Earlier this year, it briefly surpassed this threshold, which appears to have been a false breakout.
The subsequent decline has created the handle portion of this pattern. Solana's Cup & Handle is approximately 98% deep, and extrapolating this distance from the upper boundary suggests potential gains exceeding $500 in the long run.
Additionally, Solana's price has also established a megaphone pattern, characterized by two ascending and diverging trendlines.
Consequently, it is anticipated that the coin will continue to appreciate, with the initial target to monitor being the psychological level of $200.
A decline beneath $95.55, which is the lowest swing recorded this month, will invalidate the optimistic forecast and indicate that additional sellers are eager to drive the price further down.
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