Solana Price Continues Bullish Momentum, Eyes $200 Next

• Solana has had a phenomenal breakthrough, with a 33% increase since July 4th.
• If the price manages to go past $188 level, then it will likely test $200 resistance level.

With a dramatic increase to $177, Solana has lately captivated market participants. The price of Solana has risen by 40% from its monthly low of $123. Traders and investors in the cryptocurrency market are feeling hopeful again, thanks to its strong upward trend. They are now waiting with bated breath for the price to potentially breach $200 next week.

Both Solana’s total value locked in DeFi projects and its stablecoin market value have climbed to $5.13 billion and $3.268 billion, respectively. More assets are being placed into the network as the TVL rises, which suggests that investors are becoming more confident and interested. The memecoin ecosystem of SOL has also seen a value growth of 12.4%.

Strong Bullish Momentum

A bullish pattern has formed on Solana’s chart, suggesting that the cryptocurrency may be targeting the $1,000 price threshold, says crypto expert Ali Martinez. Also, Ali drew attention to the bull pennant formation in a price chart of Solana in a recent tweet.

Santiment data shows that Solana has had a phenomenal breakthrough, with a 33% increase since July 4th. Despite this substantial price gain, the on-chain tracker found that some traders still had a lot of negative sentiment about Solana.

At the time of writing, SOL is trading at $177.02, up 1.75% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 17.45%. In the last 7 days, the price of SOL is up 10.15%.

If the price manages to go past $188 level, then it will likely test $200 resistance level. However, if the price declines and goes below $171 level, then it will likely fall towards $167 support level.