3 Charts Explain Why Solana Price Could Reach $200 Despite $32M FTX Unlocks

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Solana (SOL) price has made an impressive 21% rally in the last seven days, but the recent FTX unlocks have caused uncertainty about whether the altcoin can break $200. Amid the uncertainty, three chart patterns featuring different metrics have emerged, suggesting that SOL will likely breach this psychological level soon and possibly target all-time highs.Solana Price Today as Bulls Face Resistance at $179SOL price trades at $175 at press time after a slight 0.5% gain in 24 hours. During this time, SOL reached an intraday high of $179, which also doubles as a critical resistance level, before falling back to range-bound trading.SOL/USDT: 4-Hour ChartSolana faced rejection at $179 after reports that the FTX unlocked 187,600 SOL tokens, valued at $32.79 million, from its staking account. The unlocked tokens caused uncertainty about looming selling activity that may impact SOL.However, Solana’s gains will likely continue as crypto prices today remain bullish, with Bitcoin (BTC) briefly crossing above $105,000. Moreover, 3 charts suggest that SOL will likely resume the uptrend to overcome resistance at $179 and surpass $200.Looming Breakout From Ascending ChannelOne of the charts that explains why the price of Solana can breach the $179 resistance level and reach $200 is the daily chart that shows a looming breakout from an ascending parallel channel. At press time, SOL was testing resistance at the upward sloping resistance line, and if it can break this level, it will surge to $219.SOL/USDT: 1-day ChartTechnical indicators on the above daily price chart also suggest that a Solana breakout past $180 and a rally to $200 could happen. The RSI has risen and reached 72, which shows a strong bullish momentum and room for more growth as the coin is yet to be overbought. The 20-day SMA is also tipping north and is targeting a crossover with the 200-day EMA, and if this happens, it will support Solana gains past $200.Weekly Active SOL Addresses Hit 3-Month HighThe daily active address chart from Artemis also shows why it is possible for the Solana price to reach $200 soon, despite the recent $32M unlocks by the bankrupt FTX and Alameda estate. This metric recently rose past 5.1 million, marking the highest level since mid-February.Solana Weekly Active AddressesThe increase in weekly active addresses highlights an uptick in user demand and network activity, which can often precede a significant price move for a token. The high address count also shows increased user engagement and increased liquidity to enable an upward trend.Solana Price Tracks Global LiquidityThe global liquidity index chart further explains why the Solana price has the potential to move past $200 and even reclaim new highs. Analyst curb.sol noted that SOL has been tracking global liquidity, suggesting that this token may not only rise past $200 but also aim for $400.SOL/Global LiquidityLooking at previous trends, it is clear that SOL tends to rise when global liquidity, a metric used to measure the amount of money available in circulation, also rises. This supports a bullish Solana price forecast and the likelihood that it may soon surpass the $200 level.Therefore, going by the three charts: daily price chart showing a looming breakout, weekly active addresses, and the surging global liquidity, it is clear that Solana can reach $200 after overcoming resistance at $179. If SOL surpassed this psychological threshold, it may move towards all-time highs.Frequently Asked Questions (FAQs) Solana price has the potential to reach $200 despite $32M FTX unlocks. Three chart patterns, including the technical outlook, active address count, and the global liquidity index, suggest why the uptrend is likely. The daily price chart shows it is possible for Solana to surpass $200 as it tests resistance at an upward sloping resistance in a parallel channel. The RSI and moving average also suggest the likelihood of further upside. A Solana price rally will be influenced by factors such as a bullish technical outlook, an increase in the number of active addresses and rising global liquidity. ✓ Share: muthoni Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.Source link