The post Solana Enters the Top 5 Rankings: SOL Price Poised to Hit $200 in Next 48 Hours appeared first on Coinpedia Fintech News
Solana has been displaying immense strength since the start of the year, rising from a single-digit figure to as high as $200. The token regained momentum quickly after the bearish activity, which validated the vigilance of the bulls at each curve. The SOL price has been marking consecutive bullish weekly closes, which suggests the token is heading to reclaim the $200 milestone any time from now on.
After breaking the neckline of the double bottom pattern, the SOL price remained inflated, printing consecutive bullish candles to mark highs close to $185. The current trade setup suggests the price requires just another 10% jump to mark new yearly highs above $205. Therefore, the bulls are poised to reach $200 and head towards the ATH in the next few days.
The daily trade set-up suggests the trend has flipped to bullish with the Ichimoku cloud turning bullish. However, the RSI has displayed a bearish divergence after hitting the upper threshold but has not yet confirmed a trend reversal. Therefore, it suggests the SOL bulls are slightly drained but may revive a strong ascending trend in a short while. Hence a small correction may follow the gigantic move which may compel the price to drop below $180.
In an extended bearish case, the support at $175 may act as a strong base and prevent the price from plunging below these levels. However, this move may be unlikely, as the bulls seem to be vigilant and could jump in as soon as the price drops close to $180 or slightly below. Hence, Solana’s (SOL) price remains within bullish brackets and could rise beyond $200 in the next few days, squashing the bearish possibilities. With this, the path towards a new ATH above $300 has emerged, which may begin a small bull market within the markets.