Decoding the Possibility of SOL Price Reaching $200 in Q3 2024

The selling volume has reduced, which paved the way for the bulls to reclaim their dominance. As the markets resumed to move towards the north, the Solana price soared above $150 after juggling around $140 for nearly a week. However, the price has broken above the descending trend line, which signifies the growing strength among the bulls. With this, the SOL price has marked an important range and hence a clearance may raise the token above the bearish influence. 

Will this clear the SOL price’s path to $200?

After rebounding from the lower support zone around $125 a couple of times, the price broke out of a pivotal range. With this, a bullish pattern seems to have formed, which may result in a fresh breakout in the coming days. Besides, the bears do not seem to be active right now but they do remain vigilant about the ongoing price action. Therefore, the overall market sentiment is bullish and hence, the SOL price is expected to initiate another bullish spell to reach above $170 soon. 

The SOL price is testing the upper resistance of the descending triangle which may lead the price towards the upper target after a breakout. The RSI Is elevating and hence the price is projected to reach $175 following a fresh ascending trend. However, some possibility of a pullback also looms over the SOL price rally as the bears have begun to offer a strong upward pressure. If the levels are sustained above $150 for the next couple of days, a new base may be set for the token to maintain a healthy ascending trend. 

The crypto market sentiments have turned bullish, with the prices of the majority of cryptos turning hopeful of a strong ascending trend. However, after a strong ascending trend, the bulls may be prone to exhaustion. Hence, in the next couple of days, the Solana price may remain consolidated above $150 as the bears may remain passive. The upcoming weekend may have a significant impact on the rally, as a rejection may result in an extended consolidation or a breakout above $160 could lead the rally towards $175.