Solana Surges 15% – Will It Smash Through $188 Resistance and Rocket to $200?

Solana's bulls are back in charge as the token rockets up 15% overnight. But that pesky $188 resistance level looms large—can SOL punch through and chase the $200 dream?

The momentum play: Traders are piling in after weeks of sideways action, betting Solana's ecosystem growth outpaces its occasional network hiccups. Meme coin degens and NFT traders are fueling the fire.

Wall Street whispers: 'Technical analysts' (read: guys with too many screens) point to rising RSI and breaking the 50-day MA. Meanwhile, crypto bros are YOLO-ing paychecks before the Fed ruins the fun again.

Reality check: Solana's done this dance before—violent pumps followed by 'whoops, the network's down' selloffs. But hey, in a market where Dogecoin gets Senate hearings, maybe fundamentals are overrated.

What’s Behind The Rallying? Can Solana Hit $200 Next?

SOL’s latest rally comes amid a market-wide rebound. Bitcoin (BTC) has reclaimed the $117,000 price level after its recent dip to $115,000. BTC’s reversal may have led to a market resurgence. The crypto market faced a correction over the last few days due to increased profit-taking and a dip in ETF inflows.

Solana (SOL) could reclaim the $200 mark over the next few days if it can breach past the $190 price level.

SOL is also down by nearly 36% from its all-time high of $293.31. The popular cryptocurrency hit its peak earlier this year in January. CoinCodex data suggests SOL may move in a sideways pattern over the next few days. The platform anticipates SOL to trade at $194.58 on Aug. 15. Hitting $194.58 from current price levels will entail a rally of about 3.38%.

SOL could face another correction over the next few days as market participants wait for the FOMC (Federal Open Market Committee) meeting minutes. Investors may take caution before taking positions. The Federal Reserve’s stance after the FOMC meeting may dictate how investors choose to move ahead. A hawkish stance could lead to a market dip. On the other hand, if the Federal Reserve decides to finally cut interest rates, SOL and the larger crypto market may see increased inflows as borrowing becomes easier. How the market performs over the coming days is yet to be seen.