Solana price eyes $200 amid rising demand and low supply
Solana price is trading above $160 after testing a low of $150 on Tuesday. Growing demand and tight supply could push the SOL price towards the $200 psychological level. The derivatives market has yet to fully recover since the October 10 deleveraging event that liquidated $19 billion in crypto assets. Futures open interest rose to $17.63 billion on Wednesday from $7.7 billion on Tuesday, signalling renewed retail interest. On the daily chart, Solana price faces resistance at $188 and $200, with support at $150 and $144. The RSI at 40 suggests fading bearish momentum, while a crossover in the MACD line could trigger a buy signal. If the RSI moves above 50 and the MACD confirms a bullish signal, SOL could break out by 22% to hit $200. Conversely, failure to recover may see it retest $144.
Bullish
The article outlines improving fundamentals and technical signals that point to a bullish outlook for Solana price. The rebound in futures open interest—from $7.7 billion to $17.63 billion—mirrors past recoveries seen after major market corrections, such as in late 2022, when rising open interest preceded a rally. The RSI holding at 40 suggests that downward momentum is waning, and a move above 50 would signal renewed buyer strength. Moreover, the anticipated MACD crossover often aligns with breakouts, as witnessed when Solana rallied 30% after a similar signal in August. Combined with low supply and rising demand, these indicators create conditions for a 22% upside to the $200 level. In the short term, traders may see a positive breakout, while long-term market stability will depend on sustained OI growth and macro sentiment. Failure to confirm bullish signals could lead to a retest of support near $144, but current data favour a bullish scenario.