Solana’s native cryptocurrency, SOL, has surged over 17% in the last week to reach around $171 at press time. The cryptocurrency‘s monthly returns stand at around 30%, outperforming most big-cap crypto rivals, including Bitcoin (BTC).
This strong performance has fueled optimism that SOL could soon target the $200 mark.
The uptick in SOL’s value can be attributed to several factors, including bustling meme coin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity.
SOL 7 day price chart. Source: Finbold
Currently, SOL is changing hands at $171. Analysts predict that a successful breakout could push its valuation close to $190, and an eventual move toward the $200 resistance level is within reach.
Should the bullish momentum continue, SOL might even hit $250 in the next upward run. Conversely, a market downturn could see SOL retract to the $155 support line.
If bearish trends prevail, the price may drop to $150, indicating a bearish shift.
Despite potential setbacks, the current recovery trends suggest that SOL is well-positioned for further gains, pointing to a promising outlook for the altcoin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
