Solana (SOL) Price Prediction: A Pattern Breakout For Solana Clears The Path To $200

Solana shows an inverted head and shoulder pattern in the 4H chart with a neckline at $185. Amid the recovering market, the overnight jump in SOL tokens hints at a clear rally to the $250 milestone.

Solana’s 4H chart showcases an inverted head and shoulder pattern with a neckline at $185. In the recovering market, SOL tokens experienced an overnight jump, indicating a potential rally towards the $250 milestone.

As Bitcoin surges closer to the $70K mark, the altcoin market is rallying rapidly, with some teasing a new all-time high. In this scenario, Solana, which recently became the fourth largest cryptocurrency, is preparing for a breakout run in smaller timeframes.

Anticipating a domino effect leading to a massive impact on the daily chart, sideline players have set their sights on the $250 juncture as the next target. Will Solana continue the bull run to reach the $200 goal this week?

Solana Forms Inverted H&S Pattern, A Breakout Clears Path To $200

Solana’s 4H chart displays a rising trend with a strong uptrend, facilitating multiple bounce-backs. Moreover, the bull run, supported by the trendline, accounts for 55% and breaches the $190 mark.

However, the resistance zone at $185 triggers a sideways shift and the formation of an inverted head and shoulder pattern.

Finding bullish momentum with the broader market recovery, Solana breached the neckline with an intraday rise of 3.68%. Furthermore, the 12% jump since last Friday initiates a series of bullish candles and approaches the $200 psychological milestone. At the moment, the SOL token trades at a market price of $191.90 and a market cap of $89.12Bn.

Moving on to the technical indicators, the RSI line in the 4H chart enters the overbought territory. Hence, a minor retest of the bullish breakout is a possibility. Additionally, the evening stars formation is evident in the 4H chart with a recent Doji candle.

Solana Active Addresses Surpass 2Mn For First Time Ever

In a broader perspective, the surging strength of the Solana network is aiding the rally in SOL token price. Being the third-largest chain, it achieves a milestone in terms of active users and TVL, which stands at $5.667B.

According to The Block’s data on the number of active addresses on the Solana network, the metric hits the 2 million mark.

Solana Price Poised To Hit $250?

Retracing the Fibonacci levels over the bull run, the inverted head and shoulder breakout rally encounters resistance at the 38.20% Fibonacci level. Moreover, as the broader market recovers, Solana crossing above the $200 mark will ignite the next stage of the bull run.

Based on the Fib levels, Solana could hit the $231 or $253 levels in the coming days.