Solana price recently had high market activity, trading around the $148 level at the time of writing.
Technically, Solana might be in for a change of direction, with crucial chart patterns and an increasing interest in the derivatives market driving it.
Solana Eyes Breakout: Will SOL Surge to $220?
The Solana price has fallen by 4.83% in the last 24 hours, but SOL is up over the week. According to analysts, SOL has entered into a symmetrical triangle that could lead to a breakout soon, while the trading volume was up 33% in the last day.
This would also mean that if the token were to break above resistance now, then it could head all the way up to $220, which would provide a 53.28% potential rise from present levels.
Traders are, therefore, closely watching the potential of this breakout, awaiting confirmation of an upward rally.
Due to the outbreak of NFT hype and increased demand in the DeFi community, Solana price more than tripled throughout Summer 2021.
Solana to Explode Higher? Analyst Predicts 40% Surge
In a post published on TradingView, he has pinpointed several key indicators on Solana price weekly chart to form a foundation for his analysis. That shows that its Relative Strength Index (RSI) is well in line with the moving average and that MACD has just crossed above its signal line-high indicators that a strong price increase could be looming.
Currently, the cryptocurrency is trying to break the important resistance level, and in case a breakthrough takes place, analysts believe the price might go as high as $220, where investors could earn an attractive profit.
SOL presently changes hands at 156.4 USDT, which traders are seeing as a very good opportunity to join in with expectations of the surge higher.
Solana Price Soars, Analysts Eye Massive Gains
While already ambitious, RichRangatang’s forecast is dwarfed by analysts who have gone further. The famous analyst InvestingScope has given Solana price an impressive target of $5,000.
In fact, this came after it posted a 22% recovery from the recent lows, inspiring optimism for sustained upward momentum into the deeper parts of Q3 2024.
Solana’s Real-World Use Cases Drive Optimism
Besides an increase in Solana price, the token witnesses real-world adoptions, a trend that continues to catalyze the 2024 bull run. This is evidenced by the recent announcements of major financial institutions in showcasing the capability of this network for mainstream use.
An excellent example is PayPal itself, at the start of the year announcing the launch of its dollar-backed stablecoin, PYUSD, on Solana. “The scalability of Solana’s infrastructure and its ability to extend the utility of tokens make it an ideal blockchain for payment processors,” said the head of PayPal’s blockchain unit.
On the asset management side, VanEck and 21Shares are working towards offering a token exchange-traded fund. Filings for the firms were pulled from the Cboe website shortly after being submitted, but the companies insist their plans for a SOL ETF remain in play.
Yet some industry watchers are trying to temper expectations around a near-term Solana ETF. Nate Geraci, co-founder of the ETF Institute, recently said a SOL ETF isn’t likely to pop up “anytime soon,” and SEC Commissioner Hester Pierce has also tempered hopes, saying the regulator would need “pretty compelling reasons” to greenlight any fresh filings.
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.
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