Solana Price: Top Expert Predict SOL Likely to Hit $220

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I must say that Solana’s recent market activity has piqued my interest. The potential for a breakout to $220, as some analysts predict, is tantalizing, especially considering the token’s history of dramatic price swings.

Currently, there’s a lot of movement in the Solana market, with the price hovering near the $148 mark as I speak.

In simpler terms, there are signs that Solana may be shifting its trajectory due to significant changes in key chart formations and growing attention within the derivatives market.

Solana Eyes Breakout: Will SOL Surge to $220?

In the past 24 hours, Solana’s price has dropped by about 4.83%, but it has still shown an increase over the course of the week. Analysts predict that SOL might be heading towards a symmetrical triangle pattern, which could result in a potential breakout soon. Notably, the trading volume for SOL has surged by approximately 33% within the last day.

If the token surpasses its current resistance level right now, it might continue to climb as high as $220, representing a possible increase of approximately 53.28% from its current value.

Traders are, therefore, closely watching the potential of this breakout, awaiting confirmation of an upward rally.
Due to the outbreak of NFT hype and increased demand in the DeFi community, Solana price more than tripled throughout Summer 2021.
That growth came off by the end of 2022, with SOL changing hands for $152.62 on September 30, 2024, roughly at the same valuation as it was at the beginning of 2021. The fall of crypto trader FTX in 2022 seriously dented the token, as FTX and sister company Alameda Research sold a ton of the cryptocurrency to avoid bankruptcy. One wallet affiliated with FTX/Alameda recently redeemed $23.75 million in SOL from the Proof-of-Stake network.

Solana to Explode Higher? Analyst Predicts 40% Surge

Crypto analyst RichRangatang recently predicted that SOL could rally as high as 40%.
In a post published on TradingView, he has pinpointed several key indicators on Solana price weekly chart to form a foundation for his analysis. That shows that its Relative Strength Index (RSI) is well in line with the moving average and that MACD has just crossed above its signal line-high indicators that a strong price increase could be looming.
Currently, the cryptocurrency is trying to break the important resistance level, and in case a breakthrough takes place, analysts believe the price might go as high as $220, where investors could earn an attractive profit.
SOL presently changes hands at 156.4 USDT, which traders are seeing as a very good opportunity to join in with expectations of the surge higher.

Solana Price Soars, Analysts Eye Massive Gains

While already ambitious, RichRangatang’s forecast is dwarfed by analysts who have gone further. The famous analyst InvestingScope has given Solana price an impressive target of $5,000.
In fact, this came after it posted a 22% recovery from the recent lows, inspiring optimism for sustained upward momentum into the deeper parts of Q3 2024.
SOL recently jumped 3% in price, breaching the $153 level and commanding significant attention in the markets. The move has come at a time when a report by VanEck Research has suggested that SOL is poised to jump as high as $330, underpinning its increasing positioning in the highly competitive crypto ecosystem.

Solana’s Real-World Use Cases Drive Optimism

Apart from seeing a rise in Solana’s price, its token also experiences real-world applications, a pattern that fuels the anticipated 2024 bull run. This is demonstrated by the recent declarations made by significant financial entities, highlighting the potential of this network to cater to mainstream usage.
A noteworthy instance is PayPal, who at the beginning of the year unveiled the launch of their dollar-backed stablecoin, PYUSD, on Solana. The leader of PayPal’s blockchain division stated that “Solana’s scalable infrastructure and its capacity to expand the functionality of tokens make it a perfect blockchain for payment processors.
Regarding investment products, VanEek and 21Shares are striving to introduce a fund that trades like a stock, based on tokens. Although documents related to these filings were recently removed from the Cboe’s website soon after submission, both companies assure us that their intentions for launching a Solana ETF continue unchanged.
While some analysts are trying to manage anticipation for an imminent Solana ETF, Nate Geraci, co-founder of the ETF Institute, stated that we may not see a SOL ETF “for quite some time.” Similarly, SEC Commissioner Hester Pierce has expressed caution, suggesting that the regulatory body would require strong reasons to approve any new filings.

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2024-10-01 23:08