According to prominent cryptocurrency analyst Ali Martinez, Solana (SOL) is showing “early signs of a breakout from a bull pennant.” The pattern suggests that the fifth-largest crypto by market cap could rally by about 470%, hitting $1000. As per the chart shared by Martinez, SOL could hit the $1000 target sometime in late 2024, or early 2025.
Also Read: Solana ETF Hopes Drive Price as SOL Approaches $200
SOL has experienced a substantial price surge over the last few days, rallying 14.4% in the weekly charts, 24.7% in the 14-day charts, and 31.3% over the previous month. The latest rally could be due to Bitcoin (BTC) reclaiming the $66,000 level. BTC began to rally after an assassination attempt on Donald Trump, which greatly increased his chances of winning the US Presidential race.
Another bullish development in the cryptocurrency space is the SEC’s approval of spot Ethereum (ETH) ETFs for trading. The ETFs will begin trading today and could lead to a market-wide rally.
How high can Solana go in July end, 2024?
According to CoinCodex, SOL will continue to trade at around current price levels for the rest of the month. The platform predicts the asset to hit $178.43 on July 31, 2024. Reaching $178.43 from current levels would entail a rally of about 0.8%.
Also Read: Solana Daily Wallet Count Spikes: How High Can SOL Trade This Week?
Changelly also presents a similar forecast for Solana, predicting the asset to hit $178.53 on July 31, 2024. Changelly does not anticipate SOL to hit $1000 in 2024. The platform predicts SOL to hit a maximum price of $217.92 this year.
Telegaon is more bullish on Solana but does not expect the asset to hit $1000 anytime before 2030. The platform predicts SOL to hit a maximum price of $305.16 in 2024 and a maximum price of $414.68 next year.