Solana Price Analysis: Will SOL Price Cross $300 This Week?

Solana starts the week with a fresh wave of recovery, aiming for a new all-time high and potentially crossing the $300 mark.

As the crypto market rebounds after a bearish Sunday, with Bitcoin hitting a new all-time high at $109,000, Solana is experiencing a massive surge in demand.

With an intraday gain of nearly 7%, Solana has rebounded to $270 after a dip from setting an all-time high at $295.

Although Solana ended Sunday on a bearish note with a 3.68% drop, the intraday gain has formed a bullish engulfing candle, effectively negating the correction phase.

Accordingly, buyers are regaining control. With a lower price rejection and a new bullish rally underway, could Solana surpass the $300 mark?

Solana Price Analysis

The daily chart reveals a bullish breakout above a local resistance trendline. This breakout is reinforced by a double-bottom reversal near the $175 mark, signaling strength.

With buyers maintaining dominance above the 200 EMA line, Solana has seen an impressive 58% price surge over the last seven days. Beginning from the $169.22 low, the current market price has nearly increased by 60%.

The bullish rally has produced a series of consecutive bullish candles in the daily chart over the past week. Despite the all-time high on Sunday, the daily candle closed on a bearish note, breaking the streak of bullish candles.

Nonetheless, the technical indicators remain optimistic. During the recovery, the 50 and 20 EMA lines have crossed positively, indicating continued upward momentum. Additionally, the daily RSI has entered the overbought zone, lending further credibility to bullish predictions.

SOL Price Targets

Using the Fibonacci levels, the upcoming price targets for Solana remain $286 and $317. This suggests that the ongoing rally has a strong potential to surpass the $300 psychological mark.

On the flip side, the crucial support level for Solana remains the $244 horizontal level at the 78.60% Fibonacci level.