Popular decentralized Proof-of-Stake (PoS) cryptocurrency, Solana (SOL), has emerged as a crypto asset with considerably massive investors’ interests in this market cycle because of its impressive market run that saw it appreciate from about $10 in December 2022 to as high as $190 in March 2024.
Like every other crypto asset, SOL is facing price plunges. According to the renowned cryptocurrencies tracker platform CoinGecko, it is trading around the $141 price region, having registered declines of about 4.7% in the past 24 hours.
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Despite the price decrements, Solana has maintained its spot as the fifth most valuable crypto protocol with a market cap of roughly $63.5 billion and the cryptocurrency with the ninth largest trading volume at approximately $4.4 billion.
Amid the dwindling market condition, most market analysts have remained highly bullish on Solana’s potential to attain significantly high price levels, giving rise to a possible attainment of a new all-time high (ATH) by breaking above its current $259.5 peak price, established in November 2021.
Solana has the strongest community pic.twitter.com/Th203ZyFp0
— Hello Moon 🥷 (@HelloMoon_io) June 14, 2024
Solana Could Hit $500 Or Even $1,00, Replicating ETH’s 2017 Rally
According to a recent post on X by Ted, a crypto investor and market analyst, Solana is on the verge of attaining a new peak price ranging from $500 and possibly hitting an ultimate $1,000 price target.
The analyst noted that the price targets will play out similarly to ETH’s market rally in 2017. Ethereum recorded double price spikes in its 2017 cycle, registering price peaks of about $390 and $810 between June and December 2017.
Ted has discovered a similar pattern on Solana’s price chart, which he stated will catalyze SOL’s price ascent to $500 or even $1,000. Meanwhile, aside from the chart, Ted also cited reasons to support his assertion.
Why SOL will Hit $500 Or $1,000 In This Cycle
Per Ted, many factors are driving Solana’s expansion prospects, making its Ecosystem rank top as one of the busiest in the crypto space and Ethereum’s main competitor.
Aside from the traditional meme coins, celebrity meme coins have been gracing the decentralized blockchain with impressive market actions that saw the meme tokens attract a reasonable user base. Notably, music icons Iggy Azalea and Davido were the latest global stars to join the meme coin frenzy on the Solana network after releasing MOTHER and DAVIDO.
Going further, the market expert noted presales on the Solana blockchain have been on the rise. At the same time, the coin’s Decentralized Finance and Non-Fungible-Tokens (NFTs) projects are also recording massive growth, consolidating Solana’s massive expansion prospect.
Don’t Miss: Solana Price Prediction 2024 – 2040
No Risk Assessment Concerns On SOL Despite Bearish Outlook
According to Coincodex’s assessment, sentiment on Solaba remains bearish despite boasting a “Fear & Greed Index” that reflects greed. On the contrary, the coin risk assessment statistics projected the token in a pole position for a bullish run.
Intriguingly, SOL appreciated by about 862% in the previous year; it has outperformed 95% of the top 100 performing cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). The decentralized crypto protocol trades above its 200-day Simple Moving Average (SMA) and has high liquidity based on its market cap.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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