Solana (SOL) has awoken with a bang this past week, surging 30% while wider altcoins stay frothy amidst Bitcoin’s resurgent rally. After months of prolonged rangebound action, the fifth-largest cryptocurrency has stormed above the crucial $135 level to kickstart what analysts believe marks its next leg up.
With influencers like jailed FTX founder Sam Bankman-Fried voicing support for Solana’s ecosystem buildout, positive tailwinds should sustain its recovery currently. And as the top riser over the past month within crypto’s upper echelon, the stage now looks set to eclipse further upside milestones ahead.
SOL trades around the $135 mark presently after another 7.4% intraday swell on Wednesday, cementing its stellar February. Having bounced decisively off $100 support earlier, the breakout reaffirms conviction in a bullish trend reversal playing out after capitulation wiped out over 80% of Solana’s value last year.
From a technical lens, SOL has also pierced past the neckline of a textbook ‘Cup and Handle’ pattern now. Such bullish chart formations often precipitate strong upside follow-through once breached with volume.
Will Solana hit $200?
Moreover, Solana’s daily Moving Average Convergence Divergence (MACD) indicator shows a key bullish crossover now, portending accelerating positive momentum aligned with the fundamental reset afoot.
As SOL stretches past the 50% Fib retracement barrier, analysts eye open air towards the $150 psychological ceiling immediately. But from there, limited resistance bottlenecks remain, blocking Solana from extending gains towards the $200 zone long term.
Upside projections eye the $244 mark as an aspirational target should unfettered buying activity persist. At peak hysteria stages that propel upside bubbles, 300% returns hardly stay unrealistic within fervent crypto bull markets historically.
So with Solana appearing back on track both feature-wise and chart-wise, traders have turned decisively bullish on outlooks calling for a concerted technical breakout likely culminating at $200+ territory based on current momentum.
