Will the Solana Spike Surpass $200 Amid Growing Network

Solana shows a strong bullish overturn from the recent correction, reclaiming the $150 psychological mark. Will the uptrend momentum result in a second break of the overhead trendline to top $200?

As Bitcoin holds above $56K, Solana capitalizes on the improving market sentiments to push the recovery rally. The Ethereum-killer, with a market cap of $71.376B, ranks as the 5th biggest cryptocurrency on CoinMarketCap.

Aiming to surpass Binance Coin to claim the fourth position, the bull run in Solana eyes $250 as the next 52-week high. So, let’s have a closer look at the SOL price analysis to figure out the next bullish target.

Back in Triangle Puts Solana Buyers at Test

Despite the market crash failing the triangle breakout run, Solana shows bullish dominance at the support trendline. Avoiding a daily closing below the trendline, the bounce back from $110 reclaims the $150 level, accounting for a 40% surge.

Solana Price Chart

Currently, Solana trades at $153, forming a second bullish candle in the V-shaped recovery. Further, the recovery run from the support trendline heads to rechallenge the overhead broken trendline.

Following the massive drop into negative territory, the MACD and signal lines witness a minor recovery. As the bearish histograms decline, the chances of a bullish crossover increase in the MACD indicator.

TVL moved over Solana Hits $793B

Solanas Network Growth

The increased movement of TVL worth $793B over Solana and the 570,721 users with SOL wallet balances worth 10-100 reveal increased activity and engagement. Following a minor dip last week, the total value moved on-chain, and the increasing number of active users suggests growth in the Solana network.

Will The 4-hour Breakout Run Surpass $165?

With a bullish breakout of a correction trendline in the 4H chart, Solana’s V-shaped recovery gains momentum. Furthermore, the ADX indicator shows a bullish crossover of the VI lines, signaling a trend reversal.

Solana Price Chart

As per the pivot point standards (monthly), the bull run is heading towards the pivot point P at $162. This level marks the neckline of the reversal, and a breakout will extend the uptrend. However, a breakout run could find high supply incomings at the resistance levels R1 at $203 and R2 at $235.

A reversal from $162 could retest the broken trendline, losing the $150 mark and hitting a low of $140.

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