Solana Could Return to $200 With This Growth Momentum

August 8, 2024
6:58 AM (UTC + 0)
Hung Tran

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SOL/ETH hits a new ATH of 0.063 on August 8, 2024. Traders expect SOL price to surpass $200, despite the need to secure support at $148 to avoid a drop to $100.

On the morning of August 8, Solana price created a new ATH according to the SOL/ETH chart. Many traders expect SOL to accelerate past the $200 mark.

The SOL chart has entered a recovery phase after creating an ATH of 0.0595 according to data from TradingView on August 6. As of today, it has continued to set a new high at 0.063.

If we look at the weekly frame, Solana has broken out of the cup-and-handle pattern.

If Ethereum does not improve, Solana will certainly gain market share when it accelerates. The proof is that SOL is one of the best-performing coins in the market in recent days.

SOL has rallied more than 15% against Bitcoin since August 4, 2024, outperforming other altcoins. With this momentum, Solana will continue to grow even if the entire market remains in doubt.

Many other experts also expect Solana’s breakout in multiple time frames. However, SOL also needs to retest the $148 area and turn this area into strong support. Otherwise, the risk of falling back to $100 is still possible.