Despite an overall downturn facing the cryptocurrency market, Solana has been predicted to surge to $1,000, as one analyst calls the price point an “easy target” for SOL in the coming year. Specifically, one analyst took to X (formerly Twitter) to explain why one notable chart pattern could have the asset skyrocketing in a matter of months.
Throughout the year, Solana has catapulted into the conversation as one of the most promising cryptocurrencies. Since Bitcoin and Ethereum had crypto-based ETFs approved, SOL was perceived as the next in line for such an investment product. Yet, that may not be necessary to see the token reach yearly highs this summer.
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Solana Could be Poised for Surge to $1,000 This Year
Cryptocurrencies have dominated 2024 thus far. The asset class has received newfound attention as we enter the summer. Moreover, ETF approvals have only increased institutional investor interest. Therefore, driving up interest in the asset class as a whole.
However, one asset has emerged with more potential than its counterparts, as Solana could be poised for a surge to $1,000 as SOL eyes the “easy target” in 2024. Crypto analyst Trader Tardigrade took to X to discuss how the chart is signaling exponential gains in the near future.
A recent chart pattern has emerged and has shown some bullish potential for the cryptocurrency. The prediction states that the token should begin increasing in value this summer, increasing to $1,000 by 2025.
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Such an increase would set an all-time high for Solana, beating the previous landmark price of $230. Crypto analyst Ali Martinez has shared in the optimism. Indeed, he predicted a $178 resistance for SOL, which would set up some positive momentum for the token.
The expectations are hard to fathom considering the asset’s struggles in recent weeks. Currenlty trading at $141, it is down more than 16% in the last seven days, according to CoinMarketCap.