Solana is the only altcoin in the top 10 cryptocurrency list to surge nearly 700% in the last 365 days. It outperformed Cardano’s ADA, Ripple’s XRP, and VeChain’s VET, delivering massive returns to investors in a year.
Leading cryptocurrencies like Bitcoin and Ethereum have surged only 142% and 63%, respectively, since last year. SOL took the cake by steadily rising from $20 to its current price of $160 in a year.
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Solana’s Performance and Future Predictions
The one-year chart shows Solana sustainably scaling up in the indices with minute dips in the middle. It quickly recovered from every fall, only to rise harder. A leading cryptocurrency analyst explained that the bullish sentiments for Solana are yet to end.
The analyst predicted that the altcoin could have more upside swings and climb above the $200 mark next. The optimistic price prediction comes when the cryptocurrency market faces macroeconomic pressures from an economy where murmurs of a recession are growing.
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Solana: SOL Could Reach $220 Next
Analyst Ali Martinez took to X and forecasted that Solana could be gearing up for another rally, explaining that its technical patterns are bullish.
He revealed that SOL is potentially printing an Adam and Eve pattern in the charts, which could drive its price up. According to the analyst, the next target is $220.
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“Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we could see a 33% surge toward $220!” he wrote.
Investment Potential and Risks
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That’s an uptick and a return on investment (ROI) of approximately 38%. If the forecast turns out to be accurate, an investment of $1,000 could turn into $1,380.
Nonetheless, the cryptocurrency market moves in tandem with the stock markets, and if leading US stocks fall, Solana could also dip.
There is no guarantee that SOL could spike 38% and hit $220 in the coming weeks. It is advised to do thorough research before investing in SOL.