Solana price surged sharply over the past 24 hours, climbing 13% as bullish momentum returned across crypto markets. The token rallied above $89, strengthening speculation of a potential move toward $100.
The further gains, analysts say, will be mostly based on whether Bitcoin will be able reclaim the crucial level of resistance at $72,000.
The wider cryptocurrency market increased by 6% to total valuation of $2.38 trillion. The recovery is accompanied by revived optimism relating to U.S. regulatory trends and alleviating macroeconomic fears.
Dogecoin, XRP and Ethereum price which are major altcoins also recorded significant increases throughout the session.
Bitcoin Price Rebound Fuels Altcoin Momentum
Bitcoin price rebounded after weeks of extreme fear sentiment and a slide toward $60,000. The leading cryptocurrency advanced more than 3%, breaking through several short-term resistance zones. Prices rose above the psychological level of 67,000, which strengthened expectations of bullish positions among traders.
U.S.-traded spot Bitcoin ETFs received net inflows totaling $258 million on February 24. The FBTC of Fidelity was on the lead with fresh capital of $82.8 million and this indicated that the institutions had renewed their interest.
The focus is still on macroeconomic events this week. Earnings are reported on Wednesday, and jobless claims on Thursday. The Producer Price Index statistics of January are after Friday, and there are eleven speeches of Federal Reserve speakers.
Meanwhile, traditional safe-haven assets also rallied strongly this year. Gold is trading around 5,200, and silver is trading above $90, with yearly price rises of 186%. According to analysts, the next surge of Solana can be triggered by sustained Bitcoin strength above $72,000
Can Solana Price Sustain Momentum and Challenge the $100 Levels?
As of the reporting time, the SOL price rallied to $88.56, recording a session high of $89.19 and a low of $85.98. The four-hour chart indicates that price is moving up in an upward channel following the recovery at the support level of $78.00.
Around the price of 80, buyers intervened firmly and avoided any further fall and stabilized the short-term structure.
The current resistance is currently at $90.00, with resistance at 95.00, and the psychological at $100. The continued upward trend of over $90.00 would lead to the prospect of reaching $95.00 during the next few sessions.
If bullish momentum continues, Future Solana outlook may attempt a test of the $100.00 barrier.
Source: SOL/USDT 4-hour chart: TradingviewThe MACD indicator indicates a bullish crossover with a histogram reading of approximately 1.20, indicating the increasing momentum. Meanwhile, the RSI stands at 72.84, signaling strong buying interest while approaching overbought territory above 70.
Source: https://coingape.com/markets/will-solana-price-rally-to-100-if-bitcoin-reclaims-72k/
