As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. With Solana (SOL) currently making headlines, I find myself intrigued by the optimistic predictions from various analysts.
In more straightforward terms: The cryptocurrency Solana (SOL) has been attracting attention lately due to changes in a complaint by the U.S. Securities and Exchange Commission about how SOL should be classified. On Monday, the network was also ranked as the second highest earning crypto project. Consequently, experts in the market have offered their opinions on SOL’s recent performance. Some believe that a recent rejection at a significant level could cause the price to drop to around $150 before it is ready for a significant surge.
Analysts Set New ATH Targets For Solana
On Tuesday, crypto trader Yoddha predicted his price projection for Solana (SOL) in this market cycle, considering its historical performance. His chart indicates that SOL plummeted by 96% from its record high during the previous bearish trend. Following this decline, there was a period of 343 days where the token was accumulated.
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As a researcher, I’ve observed an extraordinary increase of approximately 600% during this period, reaching a yearly high above $200 in March, as per my records. Now, Yhodda indicates that Solana (SOL) is once more in an accumulation phase, moving within a falling wedge pattern on the chart. The trading chart seems to forecast a potential surge of over 455% in the upcoming months, potentially pushing the token’s price up to $1,000 during this bullish run.
During his analysis, Inmortal Crypto noted that Solana’s (SOL) current price didn’t sustain the weekly opening price of $190, which was higher than last week’s opening. If SOL fails to maintain the $180 support level, it might fall back to revisit its monthly opening price of $147 before continuing its upward trend.
Analyst Poseidon, also known by this alias, expressed a comparable viewpoint. He predicted that investors may once more find an opportunity to purchase SOL for less than $150, with the price potentially soaring to $500 afterward.
As reported by Crypto Jelle, Solana (SOL) has recently broken free from its “re-accumulation pattern” this month. Referencing the chart, it appears that a comparable pattern was present prior to the price surge which culminated in Solana reaching its all-time high (ATH).
Jelle thinks Solana is ready for further growth and could enter a frenzied phase as soon as it starts to advance. Moreover, he anticipates that SOL will make significant leaps forward once it surpasses its all-time high.
Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst.
SOL Price Stays Still Despite Bullish News
On Tuesday, Solana and its supporters got encouraging updates when the U.S. Securities and Exchange Commission revised its allegations in the lawsuit against cryptocurrency exchange Binance.
As a crypto investor, I recently learned that the regulatory body has submitted an amendment to their ongoing “Third Party Crypto Asset Securities” lawsuit. They mentioned that the current state of the case doesn’t necessitate the court to evaluate the validity of the accusations concerning those specific tokens right now.
On July 29, it was also disclosed by Lookonchain that Solana came second among crypto projects in terms of generated revenue. In the last 24 hours, the network produced approximately $940,000, outperforming Ethereum‘s $844,300 earnings.
Regardless of recent headlines, Solana’s price hasn’t shown significant changes, moving around the $177 to $183 mark. Currently, it is being traded at $182, representing a slight 0.3% decrease from the previous day and a modest 2.5% increase over the past week.
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2024-08-01 01:35