Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for a massive rally.
Analysts Set New ATH Targets For Solana
On Tuesday, crypto trader Yoddha forecasted his price target for Solana this cycle based on its performance over the years. According to his chart, SOL saw a 96% drop from its all-time high (ATH) during the last bearish rally. After the retrace, the token saw a 343-day accumulation period.
Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On?
This period was followed by a 600% surge to the yearly high above $200 seen in March. According to Yhodda, SOL is in an accumulation zone again, moving within a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the coming months, hitting the $1,000 mark this bullish run.
Meanwhile, analyst Inmortal Crypto highlighted that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb.
Poseidon, another pseudonym analyst, shared a similar opinion. He stated that investors “will have a chance to buy SOL below $150 again” before it rallies to $500.
According to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, a similar structure preceded the price expansion that led to Solana’s ATH.
Jelle considers that Solana “looks ripe to push higher” and will enter a “mania-like stage” once it gets moving. He also suggested that SOL will be scaling out aggressively” after it breaks above its ATH.
Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst.
SOL Price Stays Still Despite Bullish News
On Tuesday, Solana and its community…
Click Here to Read the Full Original Article at NewsBTC…
