Solana (SOL), one of the leading cryptocurrencies by market cap, has recently shown signs of a potential price recovery after a bearish performance in August.
The asset, which experienced nearly a 10% decline in the past week, has started to regain momentum as it entered September. Solana has risen from a recent low of $124 to above $134 in early trading hours today, showing a 2.7% increase in the last 24 hours, now trading at $132.
Amid this recovery, renowned crypto analyst Javon Marks has recently maintained a bullish outlook on Solana, with a long-standing target of $233.8 for the asset.
Related Reading
Why Is A $233 Target in Sight For Solana?
According to Marks, Solana has shown signs of a continued upward trend, with its price potentially rising to $233.8 and even higher if momentum continues.
The analyst’s projection for SOL reaching this mark and beyond is based on a hidden bullish divergence pattern, which SOL has been trading within for quite a while now.
Marks particularly noted in the prediction post on X:
Our $233.8 Target for SOL (Solana) has been maintained since mid 2023 at $16.12, with prices seeing an approximately 1,203% climb afterwards towards the meeting of it. Now, with the pullback just under, this target goes unchanged as the breakout bringing it in play, continues to hold, and with bullish signals coming in, a nearly +72% climb to finish that process of meeting it could be in development.
The analyst further suggested that if Solana breaks past this $233.8 price level, it could see a further rise towards $457, representing an additional 93% increase.
SOL Breakpoint Approaches
In addition to the price outlook from Javon Marks, other analysts have weighed in on Solana’s potential price movements, particularly around the upcoming SOL Breakpoint event.
Crypto analyst Marty Party, responding to a post by another analyst named Sai on X, pointed out that historically, Solana’s price has seen significant gains leading up to this event.
Marty Party noted: “Solana Breakpoint pump average is 62%. With SOL currently trading at $133, a 62% increase could push it to $215.46.”
Sai’s post highlighted Solana’s price behavior before previous Breakpoint events. In 2021, Solana saw a 68% price surge leading up to the conference, followed by a 42% rise in 2022 and a 58% increase in…
Click Here to Read the Full Original Article at NewsBTC…
