With the crypto desperately attempting a return to the $200 level, Solana (SOL) has been forecast to rally a remarkable 900% this year. The token may be set for a massive breakout, similar to the one it saw at the end of 2023. Indeed, the crypto was as low as $20 in March, while it now sits above the $170 level.
The last 24 hours have seen a notable reversal hit the token. In the last day, it has fallen as much as 4.7%, according to CoinMarketCap. However, it is still 22% higher than it was just 30 days ago. According to one expert, those gains could be just the beginning of a memorable year for SOL.
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SOL Fights For $200 as Expert Predicts Monumental Rally
2024 has already seen two crypto-based ETFs get regulatory approval in what is a massive year. With Bitcoin and Ethereum setting a new standard, there is one asset that has emerged as a candidate in crypto’s developing ‘Big Three.’ Now, one analyst says an incoming price rally could solidify that.
Solana may be poised to surge 900% in 2024, according to crypto analyst Ali Martinez. In a post to X (formerly Twitter), he noted that SOL “officially broken out from this bull pennant, suggesting a potential 900% rally ahead.” If that forecast were proven true, it would see Solana reach a $1,700 price this year.
A pennant is a continuation pattern that occurs after a significant bullish or bearish phase. Its presence tends to indicate that a consolidation period will be followed by a notable price movement in the near future.
Also Read: Solana: $1.5T Asset Manager Says SOL Will ‘Drive Crypto Forward’
Although the prediction is rather optimistic, it does reinforce the hype surrounding Solana. Earlier this week, $1.64 trillion asset manager Franklin Templeton discussed its potential. Specifically, the firm said SOL could be a key in driving the crypto future, alongside both Bitcoin and Ethereum.
That has led many experts to predict Solana would be next for an ETF. Bloomberg’s Eric Balchunas recently said SOL was the next crypto in line after ETH. Both VanEck and 21Shares have filed listing applications that could see the product launch at some point in 2025.