As a seasoned researcher with over a decade of experience in the financial markets and a keen interest in digital assets, I find the recent Solana price forecast by Crypto Bullet intriguing. Having witnessed numerous market cycles and trends, I must admit that his prediction of SOL reaching $600 in the near term is bold, to say the least. However, his accuracy in predicting the April price action gives credence to his analysis.
A well-known analyst specializing in cryptocurrencies, who correctly foresaw the current increase in Solana’s value, has once again ventured a daring guess as the coin market momentum strengthens.
Solana Price Forecast As Pro Makes Bold Prediction
In a recent post on Crypto Bullet, an analyst boasting over 141,000 followers, forecasted that the price of Solana (SOL) could surge to approximately $600 in the upcoming period. If this prediction holds true, it would represent a significant rise of around 135% from its current value.
His forecast was notable since he accurately predicted the price action in April when the coin was consolidating. His main point is that the SOL coin has just completed a six-month consolidation, which could usher in a strong comeback in the coming months.
Though the projected Solana (SOL) price by certain experts is daring, some finance experts posit that the cryptocurrency still holds potential for significant growth in the future. Earlier this week, we mentioned that one expert anticipates the SOL token could reach an astounding $5000.
Essentially, Solana is performing exceptionally well, with the surge in popularity of meme coins providing a significant boost. Notably, every meme coin within its ecosystem has achieved a market capitalization exceeding $20 billion. Furthermore, decentralized exchange (DEX) protocols on Solana have processed trading volumes surpassing $102 billion. This volume is greater than what Ethereum and Binance Smart Chain combined have handled.
It’s possible that, by 2025, when Gary Gensler’s term as the head of the Securities and Exchange Commission (SEC) concludes and a pro-crypto individual takes over, there could be an approved Solana ETF on the market.
Weekly Chart Suggests More SOL Upside
The weekly chart suggests that the Solana price has more upside to go. On the chart below, we see that the coin formed and completed the formation of a cup and handle pattern. This pattern is made up of a horizontal line connecting two swings and a rounded bottom. The swings in this case were at $205, its highest level in March this year and December 2021.
Between March and November, Solana’s price consolidated, or formed a ‘handle’, before making a powerful surge that reached an all-time high of $260 in 2021, marking the peak of its price during that year.
By measuring the distance between the upper and lower side of the cup, we can estimate that the long-term Solana price forecast is $6,355. The caveat is that the C&H pattern can take many months or years to complete.
Instead, if the price falls below $205 (the support level), it undermines the short-term optimistic perspective on the cryptocurrency.
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2024-11-23 19:04