Is Solana (SOL) Set to Reach $200 After Breaking First Resistance?

• Solana (SOL) price has shown notable surges in the past few weeks. 
• The token’s market cap flipped BNB making Solana the fourth largest cryptocurrency in the market.

The second leading altcoin, Solana has witnessed bullish trends over the past few weeks. In the last 24 hours, the token caught market attention by flipping its competitor BNB token in market cap. This new milestone for SOL occurs amid the token’s surpassing its previous resistance levels. Meanwhile, other leading cryptocurrencies such as Bitcoin have also shown upward movements in the past day. 

According to CMC data, Solana has shown a 3.50% increase in daily price. At the beginning of the day, the token was trading at the $178 level, after which it showed price hikes. The upward movement propelled SOL to surpass its resistance at $185 momentarily after recent price dips. 

Notably, the altcoin’s bullish movement hit a two-month high of $187.37 momentarily in the past day. While Solana’s market cap showed surges, the token’s daily trading volume declined by 28.34%. The token’s market cap stands at approximately $86.2 billion after current surges. At the time of writing, SOL was trading at $184.91 according to CMC data .

Moreover, amid the recent spot ETH ETF’s launch, SOL has seen the rise of speculations about a spot Solana ETF. This has sustained market attention, while the Solana memecoin frenzy has drawn to an end. In the months of May and June, the Solana ecosystem witnessed the launch of several celebrity memecoins. 

Will SOL Price Hit New Highs in the Coming Months? 

In the last seven days, Solana has shown a price performance of a 9.22% increase. At the beginning of the week, the altcoin was trading at $168.56. In the following days, the token’s price progressed to current levels. 

SOL/USDT Daily Price Chart (Source: TradingView )

Notably, the recent price hike has fueled a buying sentiment in the token, as indicated by the RSI standing at 64.84 as per TradingView reports . Moreover, the current bullish trend is highlighted by the short-term 9-day MA standing above the long-term 21-day MA. 

Additionally, SOL has crossed the resistance at the $185 level, if the bulls sustain the positive momentum, the token might surge further to new highs. Notably the token might face resistance at $185.47 and $188.45. However, if the bears take over, the altcoin might slide to find support at the $171.57 and $159.59 levels. 

According to market analysts, SOL is expected to show bullish breakouts in the coming months hitting $200. TheNewsCrypto analysts have predicted a bullish price of $343.64 for Solana in 2024.