Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow

Solana has recently captured the attention of market participants with a remarkable surge to $175, stunning investors and analysts alike. Solana is currently up 40% from its lowest point of $123 this month. The cryptocurrency’s strong upward momentum has reignited optimism among traders and investors, who are now eagerly anticipating a potential breakthrough above the $200 mark in the coming week. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says Traders have also noted the formation of a bullish pennant formation on the SOL price chart, which reaffirms the expectations for a $200 SOL price. This pattern is typically seen as a continuation signal, suggesting that the current uptrend may persist into the coming week. Growing Speculation Of SOL Breaking Above $200 According to data from Santiment, Solana has experienced an impressive breakout, surging by 33% since the 4th of July. Interestingly, the on-chain tracker observed that despite this significant price increase, there was still a notable amount of negativity surrounding Solana among some traders. This persistent skepticism created a Fear of Missing Out (FOMO) among the majority of investors, which in turn fueled the upward momentum of Solana’s price. The price surge means that Solana faithful, which have held on despite the extended drop last month, have been largely rewarded for their patience.

Jul 21, 2024 - 20:00

Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow

Solana has recently captured the attention of market participants with a remarkable surge to $175, stunning investors and analysts alike. Solana is currently up 40% from its lowest point of $123 this month. The cryptocurrency’s strong upward momentum has reignited optimism among traders and investors, who are now eagerly anticipating a potential breakthrough above the $200 mark in the coming week.

Traders have also noted the formation of a bullish pennant formation on the SOL price chart, which reaffirms the expectations for a $200 SOL price. This pattern is typically seen as a continuation signal, suggesting that the current uptrend may persist into the coming week.

Growing Speculation Of SOL Breaking Above $200

According to data from Santiment, Solana has experienced an impressive breakout, surging by 33% since the 4th of July. Interestingly, the on-chain tracker observed that despite this significant price increase, there was still a notable amount of negativity surrounding Solana among some traders. This persistent skepticism created a Fear of Missing Out (FOMO) among the majority of investors, which in turn fueled the upward momentum of Solana’s price. The price surge means that Solana faithful, which have held on despite the extended drop last month, have been largely rewarded for their patience.