After an impressive 2021, Solana (SOL) has lost a bit of momentum especially after the broader crypto correction we saw at the tail end of the year. The coin still managed to return 8600% in value, and as the ecosystem continues to bring in more blockchain projects, the future is looking bright. But can Solana (SOL) rebound and surge past $200 in the near term? This will be discussed below, but first, some highlights:

• Solana (SOL) is trading around its $167 support and has been for a while. This could indicate that it is consolidating in anticipation of an upward breakout.

• Overhead resistance is around $180, and we expect SOL to test it in the coming days as part of a broader rally towards $200.

• However, the coin is still well below its 50-, 100-, and 200-day simple moving averages, suggesting bear pressure is still high.

Data Source: Tradingview.com

Solana (SOL) – Price analysis and prediction

After losing some of the gains it had made in 2021, Solana (SOL) appears to have found sufficient support around the $167 price. In fact, for most parts in December and January 2022, the coin has traded around that threshold.

If a rally comes, it will start from $167 moving upward. But an upswing can only happen when SOL surges above its 50-day moving average of $174 and starts to retest the overhead resistance of $180.

Once it tests the $180 mark and consolidates around it, we could see an uptrend surging above $200. This move will represent gains of nearly 20% from its current $167 price.

Why you should buy Solana (SOL)

Solana is often considered the Ethereum alternative. It has faster speeds and greater scalability. The platform has witnessed increased developer activity and its long-term fundamentals have been amazing. Solana (SOL) is projected to hit $1000 by 2030, so it’s a very decent buy.