With An Intraday Recovery, Will SOL Price Top $200 This June?

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With Ethereum’s price jump, the altcoins are making waves with refreshed and increased trend momentum. Amidst such recovery, Solana’s native token SOL takes a price following a bearish move a day prior. 

The sudden change in trend momentum in Solana’s price teases a potential comeback with the support of broader market recovery. Will Solana resurface above the broken trendline to surpass $200? Find out more in our SOL price prediction

Solana Price Performance

Following the bearish drop of 4.10%, the bearish reversal in the SOL price from the broken trendline for a 10% drop in 48 hours. However, with the recovery in the biggest altcoin, Solana picks up pace with an intraday gain of 1.92%.

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The ongoing correction creates a short-term resistance trendline in the daily chart and keeps the recovery under check. Currently, the SOL price trades at $140 and makes a bullish candle that pierces into the bullish candle. 

Further, the lower price rejection in the recent candles near the $125 demand zone bolsters the possibility of the altcoin gaining bullish momentum shortly. If the broader market recovery continues, the altcoin can sustain the bull run for a new swing high and potential breakouts. 

Technical Indicators:

RSI: With the recent dip in the SOL price, the daily RSI line drops closer to the oversold boundary. Further, the momentum indicator shows a bullish divergence in the daily chart. 

Will The SOL Price Reach $200?

With the intraday recovery, the SOL price showcases a bullish recovery chance and a potential trendline breakout. In case of a breakout, the uptrend may soon resurface above the broken support trendline. 

As per the Fibonacci levels, the uptrend in the Solana price can reach the next overhead resistance trendline near $170. Optimistically, the breakout rally can result in a price jump to the $200 psychological mark. 

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