Solana: Analysts Predict SOL to Surge Over 50% Despite Downturn

Joshua Ramos

Although Solana is currently at its lowest price since May, analysts are predicting SOL to surge more than 50% in the near term. Cryptocurrency analyst Ali Martinez shared that Solana is facing a bullish outlook. An ascending triangle pattern on it’s chart has provided some evidence that a rally could be on the way.

The asset is certainly facing an uphill climb following its recent performance. Over the last month, SOL has fallen more than 16% according to CoinMarketCap. Any forecast will certainly depend on how it navigates the current $140 price point.

Source: Decrypt

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Solana Could Eye Return to $180 Amid Bullish Chart

Throughout 2024, Solana has emerged as a highly competitive network in the digital asset space. It has surpassed Ethereum at several points this year in DEX volume, as many investors saw a plethora of potential in its native asset, SOL.

A recent market downturn has been tough on a lot of tokens. Although Solana has also been affected, some analysts are predicting that SOL could bounce back in a big way. Indeed, several analysts note that the token could be poised for a big breakout despite its recent position.

All eyes are now on how the token can cope with the current $140 price point. If it can excel beyond the $143 support level, it could certainly build notable momentum. The short-term market direction and ascending chart pattern indicate that $178 stands as the next viable resistance level.

Also Read: Solana: Analysts Predict $1,000 as ‘Easy Target’ For SOL

Where SOL goes from there will have a massive impact on continued projects, as a breakout above that support could indicate an even larger rally forming. Still, that reality is a hard one to expect as the token is currently on the decline, with it losing for much of the last few weeks.

The asset’s trading volume has skyrocketed, increasing by more than 90% in the last 24 hours. There is hope that increased trading from SOLs record active address figures could incite further gains for the token.