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Solana (SOL) has surged to $180, riding the wave of bullish momentum fueled by Donald Trump’s announcement of the U.S. Crypto Reserve, which includes Solana alongside Bitcoin, Ethereum, XRP, and Cardano. However, after hitting a peak, SOL has pulled back to $161, raising questions about whether the rally will push past the $200 psychological level.
Solana Hits $180, Aims for $200 Breakout
On the daily chart, Solana shows strong bullish momentum, maintaining support above $125. The altcoin’s price saw a remarkable 24.47% increase, jumping from $143 to $178, before encountering resistance at the 50% Fibonacci level near $180.
Despite the sharp 10% pullback, technical indicators suggest continued bullish potential. The MACD has signaled a bullish crossover, and the daily RSI has rebounded from the oversold territory. These indicators hint at increased buying pressure, supporting a potential move beyond $200.
Analyst Predicts SOL to Reach $213
Crypto analyst Ali Martinez points to a descending parallel channel breakout, forecasting a potential rally to $213. If the SOL price sustains above the key Fibonacci levels, it may soon test the 38.20% level at $213, with a further breakout possibly targeting $223.
#Solana $SOL appears to be breaking out of a descending parallel channel, setting its sights on a potential move to $213! pic.twitter.com/5kvl8JVJR5
— Ali (@ali_charts) March 2, 2025
Whale Activity Signals Profit-Taking
As SOL’s price surged, on-chain data revealed major whale transactions. According to OnChain Lens, 3 million SOL tokens worth $510 million were deposited to Binance from a staking account after two months of dormancy. Additionally, another whale transferred 48,647 SOL tokens worth nearly $7 million, securing a $1.61 million profit after unstaking.
Bulls Target $223 as Solana Gains Momentum
Solana’s recent rally is poised for further gains, with $213 and $223 as the next key targets. However, for SOL to maintain its uptrend, it must break through the 50% Fibonacci level and hold support above $150. If buying pressure continues, Solana could reclaim the $200 mark and potentially set a new 2024 high.
With bullish sentiment dominating the market, Solana remains a key altcoin to watch in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
