Solana Inches Towards $200: Will the Bulls Manage to Keep Up the Rally & Reach $250 in April 2024?

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Written By Pinang Driod

As the markets approach the quarterly close, the volatility rate has risen to some extent, but the bulls do not appear to be confident of the upcoming rally. As a result, the Bitcoin price remains stuck around $70,000, with less possibility of triggering a massive bullish wave in the next few days. In the meantime, altcoins like Solana, Litecoin, Pepe, etc. and many more are displaying acute strength. The SOL price, specifically, is approaching crucial resistance, clearing which a road to $250 may be unlocked. 

The SOL price in the long term remains within a bullish range, poised to reclaim the lost levels above $200. Although the volume has dropped from over 12 million to less than 6 million, the bulls have dominated the rally to a large extent. As a result, the SOL price appears to be primed to record a bullish close for the quarter, which may lay the foundation for a bullish close for April ahead of Bitcoin halving. 

The SOL price has been displaying enough strength ever since the token triggered a rebound from its lows. The bulls appear to have been facing some hindrance at the key resistance close to $200. Besides, the bulls are holding the rally above the pivotal support, which suggests a fresh upswing could begin anytime from now. However, before the bullish spell, a final pullback appears to be on the way, as the stochastic RSI is in favour of the bears. Rea

Read More: Litecoin Barges Through $100 Ahead of Quarterly Close: Has the Race to $200 Just Began?

Collectively, Solana’s price remains under bullish influence, while the bears may continue to hinder the rally frequently. The upcoming bearish action may drag the levels close to $182 to $185 but may fail to take them below $180. Therefore, once the SOL price withstands the interim bearish pressure, the path towards $250 may become more viable. This may also set a path towards $300 as the crypto markets are set to kick off a fresh bull run post the Bitcoin halving.


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