In recent weeks, Solana has shocked Crypto investors as it has skyrocketed to $175 – catching market observers by surprise. Solana saw a 40% gain from the monthly low of $123. Its robust upward momentum has brought back fresh bullish sentiment amongst traders and investors, who are now hoping for the digital asset to break above $200 in the next week or reach a new ATH.
Additionally, traders have pointed out the bullish pennant formation on the SOL price chart helping to strengthen $200 targets for Solana. This pattern is often viewed as a continuation signal, indicating that the present uptrend can keep on through next week.
SOL Above $200 In Sight?
Solana has pumped all out since July 4th and that pump now measures over +33% according to data on Santiment. This resulted in most investors having Fear of Missing Out (FOMO), thus the rise of Solana price. The price uptick suggests that the Solana die-hards who have stayed in despite last month’s long plunge have largely held on rightly and are beginning to reap their rewards.
The rally is being fueled by negative public sentiment towards SOL. Absolutely very possible we are at $200 SOL soon enough until FOMO takes over the FUD.
— Santiment (@santimentfeed) July 19, 2024
Santiment analysts are positive about Solana and note that the current appreciation in value will support another increase which could lead to SOL going up beyond $200 again. Solana is currently trading at $171, so a further 17% gain will bring its value to the expected $200 level as of when this goes live.
— Santiment (@santimentfeed) “Until FOMO replaces the FUD, $200 SOL is very much around the corner,” concluded Another User in a reply on twitter.
This continued upward trend is based on the latest market phenomena, as well as overall bullish sentiment towards Solana. At this stage, investors and traders are monitoring the progress of Solana to hold its trailblazer momentum so as to be able o meet that $200 goal.
