Solana [SOL] has been emerging as the talk of the town. The asset made headlines after pushing down Binance Coin [BNB] and securing its position as the fifth-largest cryptocurrency. At press time, SOL was trading at $186 with no major dips throughout the day. The altcoin performed fairly better than other assets over the past month as it soared by 31%. Analyst optimism suggests that Solana will maintain its upward trend throughout the year.
Recent analysis from Crypto Scient, a prominent analyst revealed that the asset entails the ability to reach a high of $500. The expert predicts that SOL could hit this level in November. Achieving this milestone seems far-fetched as the asset’s all-time high is at $260. Currently, SOL is 28% below this peak that was attained about three years ago. But, the analyst pointed out how $200 seemed unrealistic for the cryptocurrency just last year when SOL was trading at a low of $20.
In addition, Crypto Scient noted that the weekly support and resistance were working in favor of the asset and flipped to support. He suggested that the asset was already breaking out.
Also Read: Solana SOL On Its Way To $1,000? Analyst Predicts
Solana in August
Changelly’s cryptocurrency experts were giving out a rather bearish scenario for the altcoin. According to the firm, SOL will end July in the red zone. Sadly, the asset will trade at a high of $190 in August 2024. The average trading price of the asset is expected to be around $177. The lowest that SOL will dip to is about $164.
While these are contradicting predictions, the community remains bullish as Solana’s track record has been promising. Along with this, the possibility of a Solana ETF [exchange traded fund] could act as a catalyst for the asset.
Also Read: Solana Beats Ethereum in Weekly Total Fees for the First Time