Solana Price Volatility Surges: Can SOL Hit $200?

Solana (SOL) Cryptocurrency
Why Solana (SOL) Cryptocurrency Surging? | Everything You Need to Know about Ethereum Rival Solana

Solana (SOL) has experienced a rollercoaster ride over the past few weeks as price volatility returned with a vengeance across crypto markets. After ranging tightly between $94 and $100 for an extended period, SOL suddenly broke out to over $110 within three days as buyers stepped in aggressively.

However, the rally quickly lost steam, just below resistance at $111, as profit-taking emerged. This reversal initiated a multi-week consolidation between $100 and 107, where Solana whipsawed between buyer and seller indecision. 

The Bulls finally regained control last week and ignited a 26% price surge that propelled SOL to its next overhead barrier around $135. Here, sellers flooded back in and quashed additional upside progress. 

This latest push and pull around key technical levels demonstrates Solana’s strengthening bullish momentum despite lingering headwinds from broad market turbulence. 

Solana Price Outlook

Increased volatility while holding up beyond $100 provides encouraging signals for SOL in the near term. The relative strength index (RSI) shows buying pressure remains elevated, hinting that dips remain attractive areas for re-accumulation. 

If SOL can build on its recent ascendancy and clear resistance at $135, analysts expect momentum to accelerate for a run towards $150 next. This target aligns closely with the 61.8% Fibonacci retracement level when measuring from Solana’s 2022 peak down to last year’s lows.

The Bulls will need to defend $135 decisively first to continue higher. Otherwise, SOL remains vulnerable to pullbacks given the still-fragile broader sentiment around risky assets. 

Any breakback below $125 would place the focus on the $117 support zone to stabilize the next leg lower. However, SOL has proven resilient amidst market turbulence, quickly recovering from prior breakdowns. Its dedicated community also helps dampen selling pressure during times of fear.

With bullish and bearish scenarios equally probable in the short term, traders should watch for a directional cue by Monday once SOL picks its next boundary to gravitate around.

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