Solana has been struggling along with the broader crypto market. Following Bitcoin’s recent slump, Solana (SOL) dropped over 15% from its August high of $161. However, analysts now see hope on the horizon. A potential catalyst looms, the annual Breakpoint conference, which could trigger a price surge.
Historically, Solana rallies in the weeks leading up to Breakpoint. Analysts predict that this year will follow suit, with the event scheduled for September 20-21 in Singapore. Past conferences have sparked major price upticks, and experts believe 2023 could be no different. MartyParty, a well-known crypto analyst, speculates that SOL could see a 62% increase in the coming days.
The Breakpoint event, a gathering of key industry players, developers, and the Solana community, has gained a reputation as a market mover. Jeremy Allaire, CEO of Circle, and Anthony Scaramucci, managing partner of SkyBridge, are among the high-profile speakers set to attend. The event’s impact on the SOL ecosystem could be substantial, as it has consistently driven price action in the past.
Solana’s Bullish Momentum
Data reveals that Solana’s rally typically begins a few weeks before the conference. In 2021, SOL surged 68%, starting its ascent 19 days prior to the event. In 2022, the price rose 42%, beginning 16 days ahead of time. This year, analysts observed bullish momentum kicking in 14 days before the event, with SOL already up over 4% in the last 24 hours, trading around $135.
MartyParty’s prediction puts the potential price at $213.3—levels last seen in December 2021—if the rally continues. If this happens, SOL would mark a 21-month high, adding to its historical Breakpoint-driven growth of 58% in 2023.
The countdown has begun, and the Solana community is eagerly watching. If history repeats, SOL holders might witness another rally that could reshape the crypto landscape, even as Bitcoin struggles to regain its footing. With Breakpoint just around the corner, all eyes are on SOL’s next move.