Solana Price Can Hit $400, if SOL Bulls Can Do This: Analyst Forecasts

by

As a seasoned crypto investor with more than a decade of experience navigating the digital asset market, I have learned to appreciate the nuances and complexities that underlie every coin’s price movement. Solana’s current position is an intriguing mix of bullish and bearish signals, much like trying to predict the weather in a stormy sea!

Lately, the price of Solana has been lingering near important support points, and there’s a gloomy outlook on its performance due to downward trends. The digital coin is finding it tough to hold its ground in the face of a wider slump affecting the crypto market as a whole. This dip echoes the corrections happening across the global cryptocurrency industry.

Solana Price Forecast: Analyst Eyes Potential Surge to $400

Crypto analyst Sistine has provided a nuanced analysis of Solana’s current market trajectory, illustrating promising and concerning patterns. 

From my own perspective as a researcher, analyzing Solana’s broader market view, I’ve noticed potential indicators pointing towards a bullish trend. Notably, there seems to be a substantial bull flag formation and a cup and handle pattern emerging. These technical formations hint at a possible price target close to $400 in the near future.

SOL Thread w/ Sistine Indicators
1. Big Picture
Big picture, Solana simultanesiouly looks horrendous and phenomenal.
Big bull flag and cup and handle targeting nearly $400.
Zoom in a bit and you’ll see a head and shoulders forming that could take SOL as low as $70.
Zoom in…
— Sistine Research (@sistineresearch) August 16, 2024

Yet, when focusing on a more specific timeframe, a head-and-shoulders chart structure appears, suggesting a potential drop down to around $70. Upon closer examination, another head-and-shoulders configuration seems to be impacting the price fluctuations as well.

For the past day, the price of Solana has dropped, currently sitting below $140. This is part of a larger downtrend for this asset. Over the last seven days, its value has dipped by 10%, mirroring increased volatility across the entire crypto market.

At present, the SOL price stands at $139.51, dropping by 4% during American business hours. Throughout this period, the digital currency has fluctuated between a high of $144.79 and a low of $136.38.

Can SOL Rebound or Face More Bearish Trends?

As a researcher studying the cryptocurrency market, I’m observing that the ongoing corrections are significantly shaping the broader crypto landscape. If the bears continue to exert pressure, Solana (SOL) might reach its support level at around $135 in the near future. Prolonged bearish trends could potentially drive the price down to approximately $130.

In simpler terms, the short-term charts of Solana’s price suggest a slowing downward trend that’s leaning bearish. The Moving Average Convergence Divergence (MACD) adds to this bearish outlook as it indicates a decrease in momentum, with the MACD line currently below the signal line, signifying a potential fall in price.

Solana Price Can Hit $400, if SOL Bulls Can Do This: Analyst Forecasts

Solana ETFs’ Uncertain Future After Filing Disappearances

According to Coingape media’s latest reports, there have been updates concerning the proposed Solana Exchange Traded Funds (ETFs) by VanEck and 21Shares. As of August 17, documents related to their regulatory filings seem to have vanished from the Cboe website. These filings, labeled SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, were submitted after the SEC approved similar ETFs for Ethereum.

Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website.

The links to documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer active, and these documents are not visible under the category of Pending Rule Changes on BZX.

Another interesting thing is…

— Summers (@SummersThings) August 16, 2024

It appears that users have observed that neither the direct access links nor the sections related to BZX Pending Rule Changes for Solana ETFs are present anymore. This absence has sparked speculation about what this might mean for the upcoming Solana ETF projects.

If bulls regain strength and optimism among investors increases, it’s plausible that the Solana price might first target around $145, with potential further growth to $150 and potentially even $180 during the subsequent bull market.

Read More

2024-08-17 12:05