Home Altcoins News Solana Price Prediction: Could SOL Surge to $200 as Trading Volume Soars 150%

Solana Price Prediction: Could SOL Surge to $200 as Trading Volume Soars 150%


Solana (SOL) has recently demonstrated remarkable resilience in the cryptocurrency market. Despite a broad market downturn that saw many digital assets plummet, Solana managed to maintain its bullish market structure, raising questions about its potential to surge to $200 or even higher. This article explores the recent performance of Solana, analyzes its trading volume explosion, and provides a detailed price prediction.

Current Market Performance of Solana

In the early hours of Tuesday, the cryptocurrency market experienced a significant drop, with Bitcoin falling below a crucial support level. This crash reverberated across the market, pushing Solana’s price down to $127.95, its lowest point since early May 2024. By European business hours, Solana had recovered slightly to around $137, marking a 7.5% decline in the past 24 hours according to CoinGecko.

Despite this downturn, Solana’s trading volume surged by an impressive 153%, reflecting increased investor interest and activity. This surge in trading volume comes even as the broader market faces selling pressure, underscoring Solana’s potential for a robust price recovery.

Technical Analysis: Symmetrical Triangle Formation

Solana’s price action has been characterized by a symmetrical triangle pattern, a market structure that can signal future price movements depending on how it resolves. In Solana’s case, the preceding trend was upward, which typically increases the probability of the triangle resolving in the same direction.

Support and Resistance Levels

  • 50-Day SMA Resistance: Currently, Solana’s price is trending below the 50-day Simple Moving Average (SMA), which acts as a resistance level. This indicates some struggle between bullish and bearish forces.
  • 200-Day SMA Support: The price is, however, above the 200-day SMA, which provides a critical support level and underpins the ongoing uptrend.

Should Solana break to the upside from the symmetrical triangle, it could potentially rally by 63%, reaching approximately $292. Key resistance levels to watch include $157 (the 50-day SMA), $196, $228, and $267. Conversely, a downward breakout could find strong support around $126, with additional support levels at $87 and $56.

Trading Volume and Market Activity

The notable increase in Solana’s 24-hour trading volume to over 153% highlights a significant uptick in investor activity and interest. This surge suggests that many traders are viewing Solana as a viable investment despite the recent market volatility. Increased trading volume often precedes significant price movements, as it indicates higher liquidity and stronger investor engagement.

Active Addresses and Network Activity

According to The Block, the number of active addresses on Solana reached an all-time high of 41.65 million in May. As of mid-June 2024, active addresses have already reached half of the previous month’s total, suggesting sustained or growing network activity.

Solana Open Interest Trends

Data from Coinalyze reveals that aggregated Solana Open Interest (OI) has been declining since June 4, 2024, indicating that capital has been moving out of the asset. Despite this, the OI has found strong support around the $1.36 billion level. This support suggests a potential for renewed inflows of capital into Solana, which could support a price rebound and contribute to bullish momentum.

Market Sentiment: Bitcoin Fear & Greed Index

Interestingly, the Bitcoin Fear & Greed Index has indicated ‘Greed’ for over a month, despite falling crypto prices. This divergence points to a potential mismatch between market sentiment and price action, which could imply that investors are still optimistic about cryptocurrency prospects, including Solana’s, despite recent downturns.

Price Prediction: Path to $200 and Beyond

Given the current market dynamics, several factors suggest that Solana could see a substantial price increase:

  1. Bullish Market Structure: The symmetrical triangle pattern and the uptrend preceding it suggest that Solana could break to the upside. If this happens, the projected rally could target $292, but conservative estimates set the first significant target around $200.
  2. Increased Trading Volume: The 153% surge in trading volume signals strong investor interest, which typically precedes upward price movements. This surge in volume could provide the necessary liquidity for Solana to push higher.
  3. Support from Technical Indicators: With Solana trading above the 200-day SMA, there is a strong foundation for the current uptrend to continue. Breaking above the 50-day SMA would further validate a bullish outlook.
  4. Active Network Participation: The record number of active addresses suggests robust engagement with Solana’s network, which is often a precursor to price appreciation as network utility increases.

Potential Scenarios and Considerations

  • Bullish Scenario: Solana breaks above the symmetrical triangle and 50-day SMA, targets $157 first, followed by $196 and $228. A sustained rally could push the price towards $292.
  • Bearish Scenario: If Solana fails to maintain its support levels, a drop below $126 could trigger declines to $87 or even $56.

Investors should remain cautious and consider both the bullish and bearish possibilities. The broader cryptocurrency market’s performance, regulatory news, and macroeconomic factors will also influence Solana’s price trajectory.


Solana’s resilience amid a market crash and its soaring trading volume highlight its potential for a significant price rally. With technical indicators suggesting a possible breakout and strong investor activity, Solana could indeed be on the verge of reaching $200. However, as with any investment, it is crucial to stay informed and consider both the risks and opportunities. Solana’s path forward will depend on how well it navigates the current market dynamics and leverages its growing network activity.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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