Solana Price Eyes $200 As Its Rally Starts By Taking Over BNB 4th Rank

Solana (SOL) is grabbing the spotlight in the crypto market, especially after it surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap. A recent surge saw SOL break past key resistance levels, rallying strongly alongside Bitcoin's all-time high (ATH) climb. This bullish momentum has positioned Solana to aim for the $200 mark, with a potential trajectory even higher to a new ATH, if the current uptrend sustains. Here's a breakdown of Solana latest performance, key resistance and support levels, and expert predictions on SOL price's next moves.

Solana Rally Starts By Taking Over BNB 4th Rank

The recent U.S. presidential election results have significantly impacted the crypto market, causing a 6.8% rally across major tokens. Bitcoin surged by 8.6% to reach an ATH of $75,358, which sparked a bullish wave, pulling up the wider market. Solana capitalized on this surge, recording a 15.8% rise, pushing its market cap to $89.1 billion, and subsequently dethroning Binance Coin (BNB) as the fourth-largest cryptocurrency.

SOL’s daily trading volume rose by 210% within 24 hours, hitting $10.7 billion, and it reclaimed the $180 support level. Market sentiment around SOL remains bullish, with many analysts forecasting potential gains if SOL maintains this upward momentum. The recent breakout has brought Solana closer to retesting key price zones, suggesting a promising near-term future for the token.

By TradingView - SOL Price Performance

Solana Technical Analysis and Key Indicators

Several technical indicators support Solana’s bullish outlook:

• MACD: The MACD for SOL/USD is in the bullish zone, indicating buying momentum.
• RSI: The Relative Strength Index (RSI) for SOL/USD sits above the 50 level, suggesting strength in the current uptrend.
• Support Levels: $188, $185, and $180.
• Resistance Levels: $192, $195, and crucially, $200.

Maintaining momentum above the 100-hourly moving average strengthens the Solana bullish setup and the likelihood of testing higher resistance levels in the coming days.

By TradingView - SOLUSD_2024-11-07 (5D)

Solana Price Eyes $200 and Beyond

After stabilizing above the $165 level, Solana price saw a fresh rally, advancing beyond the $172 resistance and the 100-hourly moving average. Breaking past $185, the token currently faces resistance at the $192 and $195 levels, with the critical barrier at $200. If SOL secures a close above $200, experts anticipate a strong bullish trend that could push prices toward $212 and possibly $220.

However, should SOL fail to clear the $192 resistance, a downside correction might be in store. Key support levels lie at $188 and $180, and a break below $180 could trigger a slide to the $172 support area. The $165 level remains a critical floor to watch if SOL experiences further retracement.

By TradingView - SOLUSD_2024-11-07 (1D)

Is Solana Price Headed Toward $400?

Some analysts are optimistic that the recent Solana price action could be the beginning of a broader bullish wave. The cryptocurrency recently broke above a bullish flag pattern, with many believing that this move could push it closer to $400 in the coming months. Holding above the $180 mark is crucial for Solana’s continued upward trajectory, as it would provide a solid base to attempt a retest of the $260 ATH reached in March.

Crypto experts like Trader Koz and World of Charts have recognized Solana’s impressive chart setup. Both assert that SOL’s breakout positions it as one of the most bullish assets in the current market. If the token’s price remains stable above the $180-$200 zone, it could pave the way for further gains as the year progresses.