The digital asset market has kicked off May with a notable downturn. Indeed, a plethora of cryptocurrencies have been on the decline as Bitcoin drops to $57,000. However, there is still some optimism, as one trader has predicted Solana (SOL) to ascend to $500 this year.
Solana has been one of the assets affected, dropping more than 3% over the last 24 hours. Moreover, those losses extend to the last 30 days, where it has fallen more than 34%, according to CoinMarketCap. Yet, one trader has expressed his optimism that the asset may be preparing for a massive turnaround.
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Solana Predicted to Surge to $500 in 2024
The cryptocurrency market has been rather up and down entering just the fifth month of the year. Indeed, Bitcoin is a clear display of that volatility; ascending to $73,000 in March, before dropping to below $57,000 to start May. Yet, there is optimism abounding the market that a host of tokens are preparing a turnaround.
Among those is Solana (SOL) which has been projected to reach $500 this year. Specifically, X (formerly Twitter) user Altcoin Sherpa expressed the belief that SOL is preparing for a massive surge by 2024’s end. However, he also noted that the “next area of interest” for the token is at $120.
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Currently, Solana is trading right above that mark at $123 and is down more than 40% from its yearly high of $210 in March of this year. Although a $500 projection is optimistic, it is not out of the question. Moreover, so too is the reality of the assets falling to $120 is an area of interest for Solana investors.
Solana’s recent slide has seen its break from a 98-day ascending support trend line. Subsequently, $122 remains as a horizontal support and has been present since March. Altogether, the altcoin market may well continue its decline, with the support level at $90 potentially forming with the arrival of the summer months.
However, the hopeful projection shared by most traders is rooted in the market as a whole potentially turning around. The decline post-Bitcoin Halving Event was expected by many. Moreover, they also projected increases in the September and October months of the year. If that can influence Solana, it may well be prepared to experience a similar surge in value to traders’ predictions.