After surpassing the $97,000 mark, Bitcoin’s price has once again dipped below the range, halting the bullish trend. The selling pressure on Solana has prevented the price from reaching above $190, but the bulls have managed to defend the support level, indicating a potential upward trend. The big question now is whether the SOL price will hit $200 by the end of the month.
Solana has been making significant advancements lately, both technically and fundamentally, attracting a lot of attention. Whether it’s the possibility of ETF approval or its advancements in AI integration, which is set to power over 70% of AI agents, the SOL price is poised to attract bullish sentiment. This is expected to bring in billions of dollars in liquidity, propelling the SOL price to new highs.
The weekly chart of the SOL price rally shows a squeeze in prices after a recent drop from above $215. The token is currently consolidating, hinting at a potential move towards breaking out of consolidation and surpassing the $200 mark.
The recent price surge has pushed Solana’s price above the ascending trend line, increasing the chances of breaking the $200 resistance. The +Di & -Di levels showing a divergence could signal a bullish crossover, indicating a change in trend. Additionally, the MACD is on the brink of a bullish crossover, likely entering the positive range, signaling the start of a new upward trend.
If Solana manages to break through the resistance zone, a move towards $225 could be possible, but it would require a significant increase in buying volume. Until then, the price may continue consolidating below $250. However, market sentiment is expected to improve later in the year, potentially leading to a strong upward trend.
