Solana spiked nearly 30% in the market in the last 30 days and is now hovering around the $43 mark. The ninth biggest cryptocurrency attracted heavy buying pressure in July as it jumped from $25 to $43 in a month. SOL is in recovery mode and the market’s positive sentiments lately are pushing its price higher. Crypto analyst who goes by the pseudonymous name Pentoshi on Twitter painted a positive price prediction for Solana this August.
Solana Price Prediction
Pentoshi told his 600,000 followers on Twitter that Solana could experience “turbo pumps” this month and reach new highs. On July 14, 2022, Pentoshi had stated that SOL might reach $42 in two weeks and his prediction turned out to be accurate. He shared a chart that indicated the skies are clear for SOL and its price might move up.
However, now that it breached $42, the analyst has predicted that Solana might shoot up and reach $58 to $60. Pentoshi also claimed that there are chances of SOL even reaching $80 during its “turbo pumps” in the indices.
“Think SOL has fresh air above here. Close above $45 and probably turbo pumps. IF SOL can get above $42 (still a ways to go) then I believe it sees $58-60. Maybe even $80 but one levels at a time. I do think it will get back and at least take those highs before,” he predicted.
Also Read: Here’s Who Sold Most of Their Crypto Holdings During This Year’s Crash
Can Solana Reach $80 As Predicted? Here’s Our Take
Solana soared from $25 to $43 in July in spite of a month filled with uncertainties. Uncertainties came after the Feds hiked 75 BPS interest rates which were poised to send the markets tumbling down. However, both the stock and crypto markets went the opposite direction defying the trend and traded in the green with double-digit profits.
On the other hand, July was a month of confusion after the U.S reported its second consecutive quarterly decline in GDP. On paper, the development refers to a ‘recession’ but the Biden administration changed its definition giving out statements that the U.S is not in a recession.
Uncertainties and confusion might take a new turn this month as each side of the political spectrum weave its tale. Politics aside, the truth about the state of the economy will be eventually felt by the markets. August could be the month that attains more clarity on which direction the economy is truly headed.
Therefore, Solana climbing by yet another 90% this month might be a challenge as both the economy and investors are still bearish. Even economist Peter Schiff predicted that reality will eventually catch up and “recession will deepen in Q3.”
In conclusion, the markets might not take much time to trade in the red given the situation the economy currently is in. It is advised to remain cautious and watch out for developments before going all in on Solana.
At press time, Solana was trading at $42.90 and is down 2.8% in the 24 hours day trade.