The post Solana Gaining Strength as Traders Turn Bullish on SOL Price Rally-Will it Hit $200? appeared first on Coinpedia Fintech News
The Solana ecosystem continues to grow as the recent developments within have increased the confidence among the market participants. Blackrock recently integrated blockchain technology and launched a tokenized Treasury fund on Solana. The fund has already accumulated $1.7 billion in cash and Treasury bills, with expectations to surpass $2 billion in early April. On the other hand, Polymarket, a leading Ethereum-based prediction market platform, announced its integration with Solana.
With this integration, Polymarket aims to reduce fees and make the platform more accessible, as Solana can easily process 65,000 transactions per second. With this, the social sentiments for Solana have turned extremely bullish, with the influencers hyping potential boosts in confidence and adoption. The technicals have turned bullish but are yet to offer a validation of a rise from the bearish trajectory. In such scenarios, the question rises whether the SOL price can make it to $160 ahead of the monthly close?
The weekly chart of SOL price suggests the price has entered the bullish range after remaining bullish for the second consecutive week. Besides, the token does not display any upward pressure, which paves the way for the price to maintain a healthy upswing. The RSI has rebounded from a crucial support just below 40, while the weekly DMI is heading for a bullish crossover. With this crossover, the trend is expected to flip to bullish, which could elevate the levels close to $160.
Why is securing $160 extremely important for the SOL price rally?
The Solana price displayed massive strength throughout 2024 by maintaining significant volatility. Amidst this, the levels around $160 have been an important price zone as they have been offering strong resistance and support whenever the rally approached the range. Hence, breaking through the range may attract fresh volume onto the platform, which may further push the price towards the next barrier at $180. Once these levels are secured, Solana (SOL) price may rise above $200.