Highlights:
- A market analyst has explained why Solana is on the right track for a $800 ascent.
- The expert’s prediction stemmed from Solana’s $12,900% surge in 2021, culminating in its $260 peak price.
- Solana is displaying a bullish trajectory by converting $122.59 to potent support.
Trendy Proof-of-Stake (PoS) crypto protocol, Solana (SOL), became the recipient of a bullish projection by a market expert. Amid the declines ravaging the crypto market, the expert claims the decentralized crypto is on track for a $800 target.
Advertisement
Interestingly, the expert’s prediction stemmed from SOL’s 2021 cycle, resulting in a $260 all-time high (ATH) price ascent for the token. Hence, this insight shall dwell on this analyst’s estimations as we unravel Solana’s future price movements.
Solana’s Journey to Attaining $260 in the 2021 Cycle
In 2021, Solana took the crypto market by storm following its unprecedented surge to $260. Remarkably, the decentralized project surged from as low as $2 in January 2021 to its price peak in November 2021.
Based on mathematical evaluation, SOL’s ascent from $2 to its ATH implied an estimated $12,900% upswing. Hence, it is unsurprising that Solana was among the tokens that made investors millionaires in 2021.
2021 Cycle Trends Re-Appear On Chart
In one of his most recent posts on X, “Trader Tardigrade,” a renowned market analyst spotlighted the 2021 cycle re-appearance on SOL’s price chart. According to him, Solana is repeating 2021 price movements, with unique findings on price charts to back up his claims.
#Solana is repeating 2021 moves 🔥
🔹 Same Symmetrical Triangle has been formed.
🔹 RSI returns to 50 from overbought zone.
🔹 Middle of the Bull Run 🚀$SOL next spike to $800 🔜 pic.twitter.com/9crtPF4OFS— Trader Tardigrade (@TATrader_Alan) July 5, 2024
The first most significant indicator on SOL’s price chart was the presence of a familiar symmetrical triangle. Trader Tardigrade noted that the triangle formation aligned with what was obtainable in the 2021 cycle. Additionally, the expert stated that Solana’s Relative Strength Index (RSI) returned to 50 from an overbought zone.
Applying market trend knowledge, the RSI-50 implies that Solana could tend towards an oversold position from its neutral level. When crypto assets begin to move in such a direction, it indicates price appreciation potential.
Furthermore, the expert brought followers’ attention to the present market phase. According to him, the market is in the middle of a bull run. He concluded with the claims that the highlighted features will favor SOL’s next spike to $800.
Solana’s Current Price Readings Relative To $800
With Bitcoin ascending to $56,000 from around $54,000, chances are high that market recovery is close. On its part, SOL is changing hands at about $133.52, with a 5.2% upswing in the past 24 hours.
Remarkably, Solana has maintained a top spot in cryptocurrency rankings by occupying the fifth position with a $61.86 billion valuation. In addition, SOL’s trading volume is up by about 30.82%, reflecting a $4.27 billion worth.
Meanwhile, SOL’s current selling price would require a jump of about 499.2% to attain $800. Having surged 12,900% to reach its ATH in 2021, establishing a new peak price with a 499.2% surge should be realistic. Hence, Solana to $800 in this cycle remains a feasible target, which traders might want to anticipate.
Technical Analysis Identified $135 as SOL’s Next Target
Technical analysis revealed that $122.59 was converted to a potent support for Solana as it attempts to break above $135.4. If SOL succeeds in breaking above $135.4, having flirted around it for some time, its next target will be $140.04.
Considering a scenario where the bull persists, $140.04 should become a support level in no distant time. Finally, breaching $154.51 remains the ultimate target for SOL’s sustainable price appreciation.
Advertisement
