The recent surge in altcoins suggests that Solana is poised for a strong recovery and potential bullish momentum in the near future. Following a bounce from a critical support level, indicating solid demand, there is a possibility for SOL price to reach the $150 mark in the coming month.

However, the overall market volatility and a probable correction in Bitcoin might impede Solana's recovery. The question remains whether Solana can withstand the bearish market conditions and reach $500 by 2024.

Solana Price Analysis

After experiencing a double top reversal from $200, Solana has seen a significant increase in supply over the past two months. The altcoin recently dropped below the $150 mark and broke a longstanding support trendline but still holds the position as the 5th largest cryptocurrency globally with a market cap of $54.33 billion.

Despite the breakdown in the support trendline, SOL price has managed to stay above the $112 demand zone, providing a potential area for a bounce-back. There is a bullish sentiment as the altcoin attempts to retest the broken trendline and the 50% Fibonacci level at $135.

Intraday volatility has increased with a 3.72% drop post-retest, raising the possibility of a bearish extension. However, with a 6% overnight increase bringing the price close to $135, buyers are showing interest in taking control.

Technical Indicators

• MACD Indicator: The MACD and signal lines are currently merged in the negative territory, showing indecisiveness.
• EMA: The breakdown in SOL price is trading between the 50-day and 200-day EMA, with a potential death cross on the horizon.

Prospects for SOL Price to Reach $150

As Solana struggles to gain bullish momentum from the broader market environment, the altcoin continues to push towards crossing the $135 mark. A reversal beyond the 50% Fibonacci level could signal a positive recovery and potentially lead to SOL price reclaiming $150 in the near future.