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Key Highlights:
- Crucial support zone holding at $138-$140 for the Solana price.
- Potential rally to $190-$200 if support holds.
- A 40%-50% upside is likely, and the ETF approval chance is 80%.
Solana price has experienced a notable surge over the past 24 hours. This signaled renewed bullish momentum in the market. The token has consistently defended a key support zone. It consolidated within a dynamic range, setting the stage for a potential breakout.
Following a period of improvement in an upward channel, SOL has entered a correction process. In that correction phase, a declining trend will be present.
SOL price has since turned up at the lowest side of this channel. This created higher lows and revealed power at the points of support. There is increasing pressure to move up according to technical pointers.
Closure of a breakout higher above the resistance of $150 may trigger an upsurge in the immediate view. The current trend will be bullish if Solana stays above the support level at $140. Also, the pressure will strengthen the development of a subsequent bullish movement.
The rest of the crypto market slightly increased in the last 24 hours. It is an indicator of the rising optimism among investors.
At press time, the price of Bitcoin was trading at over 106,000. This indicates that it is holding up well where there is the presence of psychological resistance. Ethereum is also doing well since it trades above $2,500 with buyers controlling the trend.
Even the altcoins, including XRP, BNB, TRON, and DOGE, registered small profits within the same duration. The overall crypto market capitalization and overall positivity have grown to 3.29 trillion. It recorded an increase of 0.83 trillion.
Can Solana Price Hit $200 by July?
Crypto analyst Cipher X highlighted that the Solana price currently sits between $138 and $140 in a critical support range. A bounce from this level could trigger a sharp rally. This rally could reach the projected price range of $190 to $200 by the end of July.
Should this support fail to hold, the analyst has indicated interest in entering at lower levels, particularly around $130. The technical setup suggests significant volatility, especially as market participants anticipate key developments in the coming weeks.
80% ETF Approval Odds Fuel Repricing Hype
The analyst also pointed to the increasing probability of Solana ETF approvals, estimating an 80% chance by July. Such an event could prompt a rapid repricing of SOL, resulting in a strong monthly move.
A candle reflecting a 40% to 50% gain is feasible in that scenario. Current market patterns and Fibonacci projections further support the bullish outlook, provided key levels remain intact.
SOL Price Eyes Major Breakout Above $150
Solana price showed early signs of bullish momentum on June 20 as it edged closer to the critical $150 level. SOL/USDT was trading at approximately $148.51, marking a 0.72% increase within the last four hours.
The Relative Strength Index (RSI) has climbed above the midline and is now at 51.53. This suggested renewed buying interest.
The Moving Average Convergence Divergence (MACD) has also flipped bullish. The MACD line crossed above the signal line, accompanied by a growing green histogram. This reinforces the potential for upward price action in the coming sessions.
Key resistance levels lie at $160, $180, and ultimately $200. A breakout above $150 could trigger a strong move toward these targets. The upside projection is estimated at nearly 35%, potentially lifting SOL to the $200 mark.
The $140 level remains immediate support for the Solana price. Buyers previously stepped in there to defend against further declines. Maintaining this support zone is crucial to sustain bullish sentiment.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
