Solana’s Breakout? Henrik Zeberg Makes Latest Call on SOL Price

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As a seasoned crypto investor with a knack for spotting opportunities and a portfolio that includes some of the most promising digital assets out there, I can’t help but feel intrigued by Henrik Zeberg’s analysis on Solana (SOL). Having ridden the waves of several market cycles, I’ve learned to appreciate the value of consolidation periods – they often set the stage for significant price surges.

In a recent analysis, crypto analyst Henrik Zeberg shared his optimistic outlook on Solana (SOL), the fifth-largest cryptocurrency by market capitalization.

As reported by Zeberg, Solana appears to be stabilizing following its recent record-breaking highs in the previous month. Such a period is often observed near significant market peaks, as the asset builds up energy for its upcoming price surge.

As an analyst, I’m observing that Zeberg views the ongoing consolidation of Solana as a beneficial and essential step for its growth. This phase strengthens Solana, preparing it to advance further. He posits that this period of consolidation is a sign of things to come, indicating Solana’s continued upward trend.

According to Zeberg, Solana is currently strengthening following its all-time highs. This is typical behavior near significant peaks as it gathers momentum for further upward movement.

After hitting all-time highs (ATHs), Solana is currently stabilizing. This is typical near significant peaks as it needs to build momentum to rise further. We can expect #SOL to climb higher towards new ATHs, reaching its final goal in the near future. This is my prediction and…

— Henrik Zeberg (@HenrikZeberg) December 16, 2024

In the near term, it is expected that the price of SOL will climb further, potentially hitting new all-time highs (ATHs). Zeberg believes this upward trend will culminate at its ultimate goal in a relatively short timeframe, expressing confidence in Solana’s ability to reach greater heights.

Solana breakout? What analysts and on-chain data suggest

Currently, as I type, Solana (SOL) has increased by 0.35% over the past 24 hours, reaching a price point of $219. It’s important to note that Solana’s price peaked at an all-time high of $263 on November 23rd. However, its current value is approximately 17% lower than this peak.

Last week, the co-founders of Glassnode, known as “Negentropic” on X, hinted in a tweet that Solana (SOL) might be poised for a significant surge. Indeed, SOL reached a key level and bounced back to around $230. If the price of SOL exceeds $235 on a daily basis, as “Negentropic” predicts, it could shatter its current price cap and potentially reach its previous peak of $264.

At present, crucial indicators like the Daily RSI are holding steady, indicating that Solana’s price may yet have room to rise without entering overbought territory. This situation could potentially lead to a further increase in price. If Solana experiences a surge, Negentropic predicts that Jupiter (JUP) and Whisper (WIF) might also pick up momentum.

According to a recent tweet by Glassnode, Solana investors are maintaining their holdings, anticipating price increases. The proportion of wealth locked within the network that’s owned by long-term holders is growing. Currently, the group that has held onto Solana for 6 to 12 months owns approximately 27% of the total supply, demonstrating the confidence of buyers who expect a rally in 2024.

Over the past few months, the group of investors who bought Solana (SOL) around a year ago has been gradually reducing in size. It went from 48% in June to approximately 5% currently. These were individuals who made substantial profits during this year’s price surge, and it seems that most who wanted to sell their SOL have already done so.

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2024-12-16 16:12