As a growing number of experts and investors focus on the blockchain network often referred to as the “Ethereum killer,” the crypto market has been buzzing with speculation Solana (SOL) has seen a massive decline in recent weeks.
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Solana’s bullish momentum
Solana has bounced back after falling nearly 8% in the last month, rising by 8% in the last week alone. This surge, along with a marked change in market mood, has led traders and analysts to view Solana as a cryptocurrency that is poised for significant growth ahead.
For Solana, the recent week is a real turning point. Clear indicators point to the bulls being in control, so SOL could be ready for a significant breakout in the coming months.
The fact that Solana has maintained a crucial support level between $120 and $130 is indeed an encouraging sign. Assuming that SOL maintains the daily candlestick price above $120, bulls can see a clear path for this coin to $200 or possibly more.
#SolUSDT💰Still valid, bullish as long as daily candle stays above 120📈🚀
➡️Buying Zone: Around 130-120 ✅
➡️Target : 150-170-190-220-250+
#SOL Currently the daily support zone of 130-120 has been tested. We can see a bounce towards 180-200 and 250 (potential 100% pump from current… pic.twitter.com/Szyp4y9ywl
— Crypto Cobra (@Crypto_Cobra_) July 12, 2024
The excitement around Solana goes much further than that Near-Term Pricing Behavior Also. Renowned crypto strategist Crypto Cobra made headlines with a crazy prediction that SOL could reach $400 by late 2024 or early 2025 – a potentially 200% increase from current prices.
promising future ahead
There is no reason why Solana cannot recreate those types of gains if it follows the same price trend we have seen in the past. Analyst Crypto Cobra now sees a momentum that will push the altcoin to new all-time highs in the not too distant future.
price Forecast from CoinCheckup The research suggests Solana could climb 0.78% to $140.58 over the next seven days. Looking ahead, the company’s long-term projection is much more positive: Solana could reach $219.09 within the next year, a 57% increase from current levels.
Right now, Solana's foundation is really well established. Solana is rapidly challenging Ethereum's supremacy with its scalability, low transaction costs, and expanding ecosystem of distributed apps (dApps). And the market has started to price this in.
Solana: The Growing Blockchain Ecosystem
Analysts believe that Solana's ability to process transactions at extremely fast speeds and at a fraction of the cost of Ethereum is a major factor behind its recent explosive appeal. The network's recent integrations with major DeFi protocols like Uniswap and Aave have also helped grow its user base and trust among crypto investors.
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Many in the crypto community are closely watching Solana’s growing ecosystem of dApps and the network’s continued technical development.
Solana has been firing on all cylinders lately. Analysts claim that the team is constantly releasing new features and enhancements, and we are seeing more and more high-profile enterprises choosing to leverage the Solana blockchain.
Featured image from Pexels, chart from TradingView
