Solana Eyes $260 Breakout as Fibonacci Levels Target $602

The post Solana Eyes $260 Breakout as Fibonacci Levels Target $602 appeared first on Coinpedia Fintech News

As Bitcoin crosses above the $97,000 mark, with a new all-time high at $97,800, Solana is back in motion. With a market cap of $113 billion, SOL token price is trading at $239.16. 

In the past seven days, it has increased by 7%, and the bull run is expected to regain momentum with the broader market recovery. So, let’s find out the bull run’s chances in Solana of creating a new all-time high this year. 

Solana (SOL) Price Performance

In the weekly chart, the SOL price is challenging the 100% Fibonacci level at $249. This marks the potential third consecutive bullish candle if the uptrend sustains. 

In the daily chart, however, the intraday recovery is creating a bullish candle after two negative days. Furthermore, the weekly triangle breakout rally is creating a cup-and-handle pattern with a neckline at the $249 mark. 

Tradingview

As the broader market recovers, the triangle breakout rally is expected to create a new all-time high, surpassing the $260 barrier. Using the Fibonacci retracement tool, the uptrend is likely to reach the $602 mark by the end of the year. 

For 2025, the Fibonacci level paints an optimistic target of $1850, considering the broader market recovery. 

Technical Indicators:

MACD: Supporting the bullish trend, the MACD indicator has given a positive crossover as the bullish trend gains momentum. 

EMA: The 50-week and 100-week EMA lines maintain a positive alignment and are ready to provide dynamic support. 

Solana Whale Adds 100k SOL, Totals $55.5

 A whale has acquired 100,000 SOL tokens valued at $23.86 million and staked them over the past two days. This brings the whale’s total holdings to 231,919 SOL tokens, worth $55.5 million.

Solana Network Recovers Quick

As the bullish trend in Solana is coming back, the non-word transactions on the network have witnessed an uptick. Following a minor dip to 41 million, they have risen to 42.01 million. 

Furthermore, the number of active addresses on the network has reached a new all-time high of 6 million. Hence, growing network usage will likely boost Solana’s market demand.

Curious about Solana’s future? Read Coinpedia’s latest Solana (SOL) Price Prediction for future price targets.

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