Solana targets $210: Important price levels to monitor include…

• The future looks bright for Solana, with a bullish market structure aiming for $200.
• But there’s one important factor that needs to shift gears before SOL can start its next run.

Solana [SOL] has been on the rise lately, experiencing a surge in network activity and trading volume that even outpaced Ethereum [ETH] in a 24-hour period.

The number of active wallets on Solana has been increasing, while Ethereum saw a decrease in active wallets over the past week.

With a strong bullish market structure, Solana’s price prediction points towards hitting $200, but the question lingers – how far can this next rally go?

Delving into Fibonacci Extension Levels

Source: SOL/USDT on TradingView

Breaking out of the range formation (purple) on May 16th, Solana soared to $188.9 only to retrace and test the $160 zone as support.

The Fibonacci retracement levels (pale yellow) illustrate the strong bullish sentiment surrounding Solana’s price prediction.

Although trading volume dipped during the retracement phase in the last two weeks, a significant uptick is crucial to reinforce the bullish outlook.

On higher timeframes, with the defense of the 78.6% Fib retracement level at $122 and a bullish structural shift, the next aim is $210.

Further targets at $236 and $279 are potential take-profit levels. The RSI on the 1-day chart has consistently remained above the neutral 50 mark for the past three weeks, indicating a steady bullish momentum.

Short-Term Outlook: Buoyantly Bullish

Source: Coinalyze

Open Interest jumped from $2.1 billion to $2.2 billion on June 2nd, while SOL prices slipped from $168 to $162. A bearish sentiment and short selling were evident until the trend switched on June 4th.

Explore Solana’s [SOL] Price Prediction 2024-25

In the recent 24 hours, both Open Interest and price have been on an upward trend, reflecting optimistic sentiment. Additionally, the spot CVD reversed its downtrend, indicating increased demand in spot markets.

Surpassing the $170 resistance level led to short positions being liquidated, further propelling gains.