Solana Flips $200: Will Recovery Rally Push SOL Price to $236?
Solana reveals strong support under $200 resulting in a sudden bounce back and a potential rise to $250 on horizon. Amid the possibility of a new bull run, should you consider buying SOL?
Will this reversal run result in a $250 breakout? Let’s find out.
Solana (SOL) Bullish Setup
In the daily chart, the SOL price trend reveals a lower price rejection to retest the broken resistance trendline. Furthermore, it retests the 200 EMA line and the $176 support level.
Photo: TradingView
With the lower price rejection, Solana ends February on a positive note of 6.40%. The closing price remains at $216 with a 24-hour high at $218. This strong monthly close reflects growing bullish confidence despite short-term volatility.
However, Solana fails to continue the bullish trend and takes an intraday hit of 3.09%. With the pullback, Solana is currently trading at a market price of $209.80.
As per the Fibonacci retracement tool, Solana holds dominance above the 38.00% Fibonacci level and the 100-day EMA line. Furthermore, the daily RSI line is teasing a potential reversal to reclaim the halfway line.
Hence, the technical indicators are teasing a potential comeback for Solana.
Solana Network’s Growth amid Mixed Signals
Amid the chances of a bullish comeback, the Solana Network is teasing a put-off, yet reflecting healthy signals. The transactions on the Solana Network on a monthly basis have hit a new all-time high at $11.01 billion, out of which the non-vote transactions account for nearly 2 billion.
However, the number of new addresses on the Solana Network is on a declining trend. On a monthly basis, the active addresses on Solana dropped to 107.38 million in December 2024 compared to 135.06 million in November 2024.
In January 2025, it further declined to 74.54 million addresses. Despite the drop in active addresses, the surge in cross-chain activity highlights Solana’s expanding ecosystem.
With growing transactions over the Solana network, the cross-chain activity is also increasing. Fueling the growth of Solana, the cross-chain bridges have pumped $1.45 billion from different chains over the Solana network in January 2025.
With a healthy trend over the Solana network metrics and optimism in the Solana price analysis, the SOL price is likely to reach the 78.60% Fibonacci level at $236.95.
For most of the Fibonacci levels, the price targets extend to nearly $300 with the 1.414 Fibonacci level. On the flip side, the crucial supports for Solana remain at $203 and $192.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.