Solana has reclaimed its $160 price mark, shortly after falling to a price threshold below $150. The token had earlier embarked on a track to touch the $200 price mark, but the token soon fell to bearish market sentiment, which triggered the token to plummet and trade between the $140-150 price range.
However, Solana is now reclaiming its trajectory, trending and trading in green to chart a new price high. The Solana ecosystem is yet again bringing new meme coin projects, fueling SOL to reclaim its lost valuation.
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SOL Spike: What’s Happening
Solana is back with its trending price momentum, claiming the old price marks to possibly breach a new price high. The prices of SOL are also inflating due to the recent developments that the token is encountering as of late.
Crypto Exchange Robinhood has recently unveiled the SOL staking system in Europe, further bolstering its presence in space. The platform is also working towards launching a rewards program further to expand SOL’s groundbreaking popularity in the domain, helping the token solidify its existence.
“Robinhood Crypto customers can now stake their Solana holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the company shared. Additionally, “new customers can earn a 10% bonus on their net purchases over their first 30 days on the platform.”
Per CoinMarketcap, Solana is up 12% in the last 24 hours, trading at $162 at press time. The token is up 21% in the last month, gradually building momentum to achieve new price milestones.
Next Target $250?
A new trend analysis on SOL suggests that the token is currently “compressing” within a triangular formation, indicating an upcoming price swell. If all goes well, the bullish streak triggered by the triangular formation can cause SOL prices to touch the $200 mark again.
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“Nonetheless, a demand cushion at $112 helps in a comeback and could reignite the uptrend. In this scenario, the rebound offers an excellent opportunity for dip-buying among sideline traders. Moreover, the highly anticipated post-halving rally could propel the SOL price to $250 in the coming weeks.”
Coinpedia further shares a new price mark for SOL to achieve. If the market sentiment supports SOL enough, the token could easily exceed the $500 price mark in the long haul.
“Long-Term Aspirations: Optimistically, a sustained uptrend could see Solana reach up to $500 by 2024, pending overall market conditions and breakthroughs above key resistance levels.”
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