Solana (SOL) continues to show strong bullish signals, setting the stage for a significant upward climb despite recent fluctuations. Over the past month, SOL experienced a notable decline, dropping by nearly 12%. However, the last week has seen a recovery, with SOL rising by 5%, indicating a potential shift in market sentiment.
As of the latest data, SOL is trading at $135.13, with a 24-hour trading volume of $5.83 billion and a market cap of $60.73 billion. In the past 24 hours, the SOL price has decreased by 5.24%. This recent dip could present an opportunity for investors looking to capitalize on the anticipated uptrend.
Analysts Predict Solana Bounce to $180-$200
Despite the recent downturn, Solana’s long-term outlook remains positive. In a recent market update, prominent crypto analyst Crypto Cobra shared an optimistic outlook for Solana (SOL), asserting that the cryptocurrency remains bullish as long as the daily candle holds above the $120 mark.
According to Crypto Cobra, the ideal buying zone for Solana is between $120 and $130. His target price ranges for Solana are ambitious, starting from $150 and reaching as high as $250.
SOL is currently testing the daily support zone of $120-$130. Analysts suggest that we might see a bounce towards $180-$200, with potential to reach $250, indicating a possible 100% increase from the current price level.
Adding to the bullish sentiment, another well-known analyst, Crypto Feras, predicted even more significant gains for Solana. Feras highlighted that SOL appears to be replicating its previous price action cycle and that if this pattern continues, SOL could reach $400 by late 2024 or early 2025.
These insights reflect growing confidence among analysts in Solana’s potential for substantial price increases, driven by strong support levels and historical price patterns. Investors and traders are closely watching these levels, anticipating significant returns if the bullish trends persist.
Both Crypto Cobra and Crypto Feras emphasize the importance of Solana maintaining its support levels. If the cryptocurrency can hold above $120, it may pave the way for considerable gains.
This analysis underscores the critical role of historical price patterns and support zones in predicting future movements. As SOL tests these levels, market participants are positioning themselves to capitalize on the anticipated upward momentum.
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