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Solana (SOL) price registered an impressive 22% surge last month and has continued gaining traction. The token recorded a double-bottom pattern breakout and fetched a $180 mark.
However, buyers failed to push ahead. Also, a retracement toward the 20-day EMA mark was noted this week. The Solana price has retested the breakout region at around $160 and aims for a follow-on surge next.
The short-term bullish trend was intact, and SOL crypto looks all set to reach the $200 mark in the following sessions. The daily charts noted a series of higher highs and higher lows within the rising parallel channel.
Analysts Predict Bullish Stance on Solana Price
Amidst the weekly price retracement of over 10%, the Solana crypto still displayed bullish cues. Various analysts revealed their bullish outlook on Solana.
$SOL Most bullish case it holds on to this green zone around $160 and starts grinding back up to that downtrend line.
— Daan Crypto Trades (@DaanCrypto) November 2, 2024
Likely to see the next attempt be a succesful breakout & run to $200+.
It's fine to wait for confirmation. Still plenty of room for upside after that. pic.twitter.com/1VKs2BaYb0
Analyst DaanCrypto shared a tweet on X. In that tweet, the analyst highlighted that the Solana price has retested the green line support zone around $160.
The declining trendline was placed around $175 and $180 on the weekly timeframe. If Solana coin surpasses the cluster decisively, a move toward $200 can be anticipated in the upcoming sessions. It has plenty of room to chase the bullish move ahead.
Likewise, Bitcoin Buddah said in his post that Solana’s chart structure looked good. Also, the daily trading volume kept surging.
$SOL swing structure is looking 🔥 – one of the best plays in 2024! Solana's daily trading volume is surging 🚀
— Bitcoin Buddha (@Bitcoin_Buddah) November 2, 2024
Simple correlation: 👇$BTC PUMP = $SOL PUMP
Dips are for accumulation! DYOR pic.twitter.com/iXmmP3aSN8
He mentioned a significant upsurge could continue, and Solana crypto may hit $210 shortly.
SOL Price Analysis: Roadmap To $200
SOL price analysis on a daily timeframe resembles a bullish stance. The SOL crypto price was trading at $162, noting an intraday decline of over 2.70%. It boasted a market cap of $76.30 Billion and has a total supply of 587.67 Million.
The price action signified buyer accumulation, and follow-on surge activity was witnessed. In case of a successful bounce from the $160 support zone, a bullish wave toward the $200 mark can be seen.
The Average Directional Index (ADX) was close to 18. It represented a neutral outlook; neither aggressive buying nor selling was witnessed.
The Chaikin Money Flow (CMF) reading was above the zero line, 0.05 at press time. That resembled significant liquidity entering the market.
Data from Artemis revealed that the active addresses data was looking flat at around 5.7 Million. However, a minor drop was noted over the past week. This meant that new addresses had lost their interest.
The Solana price was trading above 50% per the Fib retracement levels. It was close to taking support around the 61.8% zone. A daily close above the $175 mark would permit the bulls to strike the $200 mark next.
Futures Market Data Guides Bullish Outlook
Over the last three weeks, the OI-weighted funding rate remained positive. It resembled a heightened demand for long contracts.
At press time, the funding rate was 0.0044%, which resembled a bullish outlook. The immediate support zones for SOL crypto were $150 and $142. At the same time, the resistance zones were $175 and $180.