Thu, November 21

Solana Tests $200 Mark with Sights on $250 as Network Accelerates

Will Solana Break Key Resistance or Fall to Support Levels? Editors News
  • Solana reaches $201.19 before slight pullback to $197.67
  • Technical indicators show bullish momentum with multiple crossovers
  • Network TVL approaches yearly high at $6.855 billion with $3.67 million in daily fees

The fourth-largest cryptocurrency by market capitalization demonstrates sustained bullish momentum as it challenges significant psychological barriers supported by robust network metrics and technical formations.

With a market capitalization reaching $94 billion, Solana’s recent price action suggests potential for continued upward movement.

Solana technical patterns align

Price action reveals an inverted head and shoulders pattern completion, with current movements representing a post-retest phase following support at the 50% Fibonacci level ($159.54).

The recovery phase has produced four consecutive positive daily candles, translating to a 26.39% price appreciation from recent lows.

Solana Technical indicators present compelling evidence for sustained momentum, featuring both MACD bullish crossover and golden cross formations between key moving averages. However, the 100-day SMA’s position below the 200-day average suggests medium-term sentiment requires further confirmation.

Fibonacci extension analysis projects potential targets at $224 and $253, corresponding to 1.272 and 1.618 extension levels, respectively. Support established at $183.65 (78.60% Fibonacci retracement) provides a foundation for possible healthy retests during the upward trajectory.

SOL network fundamentals reinforce positive price action as Total Value Locked (TVL) approaches $7.248 billion, currently standing at $6.855 billion. Daily fee collection of $3.67 million, generating $1.83 million in revenue, indicates robust network utilization and growing demand for SOL tokens.

The convergence of technical formations, network metrics, and market positioning creates a compelling case for continued strength, though careful monitoring of key support levels remains crucial for maintaining bullish market structure.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.