The post Solana Eyes $260 Breakout as Fibonacci Levels Target $602 appeared first on Coinpedia Fintech News
As Bitcoin crosses above the $97,000 mark, with a new all-time high at $97,800, Solana is back in motion. With a market cap of $113 billion, SOL token price is trading at $239.16.
In the past seven days, it has increased by 7%, and the bull run is expected to regain momentum with the broader market recovery. So, let’s find out the bull run’s chances in Solana of creating a new all-time high this year.
Solana (SOL) Price Performance
In the weekly chart, the SOL price is challenging the 100% Fibonacci level at $249. This marks the potential third consecutive bullish candle if the uptrend sustains.
In the daily chart, however, the intraday recovery is creating a bullish candle after two negative days. Furthermore, the weekly triangle breakout rally is creating a cup-and-handle pattern with a neckline at the $249 mark.
As the broader market recovers, the triangle breakout rally is expected to create a new all-time high, surpassing the $260 barrier. Using the Fibonacci retracement tool, the uptrend is likely to reach the $602 mark by the end of the year.
For 2025, the Fibonacci level paints an optimistic target of $1850, considering the broader market recovery.
Technical Indicators:
MACD: Supporting the bullish trend, the MACD indicator has given a positive crossover as the bullish trend gains momentum.
EMA: The 50-week and 100-week EMA lines maintain a positive alignment and are ready to provide dynamic support.
Solana Whale Adds 100k SOL, Totals $55.5
A whale has acquired 100,000 SOL tokens valued at $23.86 million and staked them over the past two days. This brings the whale’s total holdings to 231,919 SOL tokens, worth $55.5 million.
Solana Network Recovers Quick
As the bullish trend in Solana is coming back, the non-word transactions on the network have witnessed an uptick. Following a minor dip to 41 million, they have risen to 42.01 million.
Furthermore, the number of active addresses on the network has reached a new all-time high of 6 million. Hence, growing network usage will likely boost Solana’s market demand.
Curious about Solana’s future? Read Coinpedia’s latest Solana (SOL) Price Prediction for future price targets.
FAQs
Solana (SOL) is trading at $239.16, up 7% over the past week, with a potential breakout forming on technical charts.
Based on Fibonacci retracement, Solana could reach $260 in the short term and possibly $602 by year-end, with a long-term target of $1850 in 2025.
Increasing network activity, a bullish technical setup, and a strong macro recovery are supporting Solana’s upward momentum.