The post Solana could see a sustained recovery if it holds above $200  appeared on BitcoinEthereumNews.com.

SOL has surged by 5.02% over the past 24 hours. Solana could see a sustained recovery if it holds above $200. After dropping to a low of $179, Solana [SOL] has made a moderate recovery to reach $220. However, the altcoin has retraced since then. In fact, as of this writing, Solana was trading at $206. This marked a 5.02% increase on daily charts. Before these gains, SOl had been on a downward trajectory dropping by 14.12% on weekly charts. With the recent price recovery, the altcoin has left analysts talking about a possible sustained recovery. Inasmuch, popular crypto analyst Man of Bitcoin has suggested a potential recovery citing Fibonacci wave 3. Market sentiment suggests… In his analysis, ManofBitcoin observed that Solana’s price is working on wave-3 to the upside. Source: X Usually, wave 3 is the most powerful and extended, often reaching 1.618x or even 2.618x the length of wave 1. Therefore, if this uptrend holds, the realistic target for SOL would be $225. However, if the altcoin fails to hold, and loses momentum, wave three could fall off expectations resulting in a pullback. Can Solana see a sustained recovery? While the analysis provided above offers a promising outlook, it’s essential to countercheck other market indicators and determine what they suggest. According to AMBCrypto’s analysis, Solana was gaining short-term upward momentum which could see the altcoin make some gains on its price charts. Source: Coinalyze For example, Solana’s Futures Basis has remained positive on Binance, and Kraken. When this remains positive, it implies that futures contracts are trading at a premium to the spot price. This reflects bullish market sentiments with traders expecting prices to increase thus they pay a fee to hold their positions. Source: Coinalyze This bullishness is further confirmed as long position holders are dominating the…

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Filed under: News - @ February 4, 2025 2:21 pm