Solana is primed for a breakout by having a narrow consolidation range, said market analyst Edward. Powered by such factors, the token price might witness a 2x to 5x growth by the end of 2025
Industry experts claimed that due to organic growth and one of the top positions in the DeFi ecosystem, the value of SOL can significantly grow.
Solana Poised for Breakout, Expert Predicts 5x Price Surge.
Seasoned crypto traders forecast that the Solana price could surge from double the price to as much as five-fold. SOL holders keep their fingers crossed for a continuous bull run that might send the altcoin up to previously unreachable levels and push its price way over $150. Around 2025, the platform should play a bigger role and be more adopted inside the blockchain environment.
In an analysis on TradingView, Edward said that even though SOL was showing some uncertainty, a breakout from this range could be seen anytime soon, setting up the stage for its next major trend. At the time of writing, the SOL price has moved between $143.33 and $144.88, with a rise of 5.34%. Technical indicators and general market developments broadly enable this price behavior.
According to the analyst, SOL sideways movement has established a clear trading range, with the price repeatedly testing both support and resistance levels. Traders are now eyeing a potential breakout, either upward or downward. Edward highlights that SOL trades below the 34-period and 89-period exponential moving averages (EMAs), signaling a slightly bearish short-term momentum. However, if SOL breaks above these critical EMAs, a shift in market sentiment could occur.
Edward outlines two possible scenarios: A bullish breakout above $144.70 could propel SOL toward the next resistance at $150.54, while a bearish move below $143.33 may trigger a pullback to $137.25, forming a critical support zone to monitor. Traders closely watch these levels to determine the cryptocurrency’s next significant move.
Solana’s Future Hinges on US Election, Analyst Claims
Although technical factors paint a combination of possibilities for SOL, broader market action might determine how the SOL price moves. As such, Geoff Kendrick, a market analyst from Standard Chartered, thinks that the token could see significant gains, especially with upcoming political events in sight.
Kendrick believes that SOL could surge as high as 500% if Donald Trump wins the 2024 United States presidential election. In his estimation, crypto regulation will be less formidable under such an administration. Kendrick also mentions that an approval of a Solana spot ETF would add to the demand and force prices even higher within the SOL ecosystem.
According to crypto analyst MartyParty, potential growth is drawing comparisons to Ethereum’s previous performance. The analyst highlighted a fractal similarity between SOL projected trajectory for 2024 and Ethereum’s in 2020.
MartyParty predicts that this pattern could substantially increase Solana’s value, estimating a 3.2x increase that could push the price to $600 during the next major market cycle.
Negative Sentiment to Fuel Solana’s Price Recovery, Says Sentiment
The truth is that the token price struggles in a consolidation phase as market sentiment turns cautious. Rising trading volume and Open Interest signal a potential shift in SOL trajectory.
The prevailing bearish bias on the broader market also contributes to the uncertainty surrounding Solana’s price. According to a market intelligence platform, Santiment, the price of SOL has been suffering, much like many leading cryptocurrencies, because of negative crowd sentiment.
Historically, assets that have experienced a downturn in sentiment usually recover afterward. According to Sentiments data, the token might not be an exception, as it had a weighted sentiment score of -0.400815, suggesting that a probable price recovery might be ahead.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply