Solana (SOL) Price Prediction: Will SOL Hit $200 Soon?

With a 5.71% surge in the last 24 hours, Solana witnesses a boost in bullish momentum and trades at $138.53. As the 5th biggest cryptocurrency is on the verge of a bullish run, the Solana team announced a new product line in a recent crypto event, Token 2049.

Solana price witnesses a 5.71% surge to propel bullish momentum and trades at $138.53. The crypto market showcases a bullish run with a capitalization of $2.1 trillion, majorly driven by altcoins. Bitcoin and the top 10 altcoins record a bullish surge of 1% to 5%. This bullish momentum is sparked by the announcement of the US Fed cutting rates by 50 Bps.

With the Federal Reserve chair Jerome Powell deciding to cut the U.S. interest rates by 50 basis points, optimism is fueled in the market. This rate cut was anticipated as the broader market witnessed inflation curving under the estimated 2% level, and the upcoming presidential election has a history of quantitative easing. As a result, the crypto market segment is bouncing back.

Moreover, another bullish catalyst that aids Solana recovery is the announcement of a second mobile device, Seeker, by the Solana team at Token 2049. The new device is termed a “rewards magnet” by Solana Labs’ General Manager, Emmett Hollyer.

Solana Price Technical Overview

The daily chart of SOL price action showcases a descending triangle pattern with crucial support at $120. This level is critical for Solana recovery, and as multiple bull cycles begin within the triangle pattern, the recent one takes support.

Solana 1 Day Price Chart (Source: TradingView)

With the broader market showing support, Solana price forms two consecutive bullish candles with a massive surge of 2.12% yesterday, followed by 3.01% in intraday recovery. This completes a minor U-shaped reversal to challenge the 200-day EMA, aligning with a positive Solana crypto price prediction.

However, the recovery run delays the looming death cross in the daily chart between the 50 and 200-day EMA. As the bull cycle within the triangle pattern gains momentum, a potential breakout of the 200-day EMA will signal an entry opportunity for price action traders.