In the past month, Solana (SOL) has seen a decline in price, mirroring the trends observed in major cryptocurrencies like Ethereum and Bitcoin. A crypto analyst noted similarities between Ethereum’s 2017 performance and Solana’s recent trends, hinting at potential future gains.
An analyst on X predicts SOL could surge to $2,800 in the next bull cycle, outperforming the broader market. In a recent social media post, crypto analyst Marty highlighted that Solana could rally by 1,800%, predicting a massive price increase for Solana in the coming months.
SOL experienced a robust uptrend earlier this year, nearly reaching its all-time high of $259 in March. However, the price has since declined by 58%, hitting a low of $121 on Friday, July 5. This downturn marks a significant shift from its bullish start to 2024.
Solana’s Fluctuations and Market Sentiment Shifts
At the beginning of July 2024, Solana’s price fluctuated between $145 and $150, reflecting a nuanced shift in market sentiment. The bullish rally in the year’s first half gave way to potential profit-taking and market consolidation in the latter part.
A renewed bullish trend depends on SOL passing over the significant $150 barrier, which might lead to a clash with the long-standing $170 resistance level. Overcoming this hurdle could unlock upward momentum towards $190 and $200. Bullish investors must closely monitor the $134 level, representing the next significant support floor.
Solana’s price has fallen below the 50-day and 200-day EMAs, raising concerns about the altcoin’s short to medium-term outlook. In April 2024, its value dropped from approximately $200 to $135. It bounced back slightly, around $150, but dropped below $125 in July.
Based on recent trends, SOL can surge to a new peak, breaking its old record of $259, a target that could be 108% higher than the current one. If Solana breaks above $173 by the end of the month, the target range is expected to be between $190 and $200, a significant psychological area.
Some more bearish pressure might emerge in the region of about $115 to $100 at the point of both the S2 Fibonacci pivot level and a psychological threshold. Analyst Marty advises that ETH and SOL have both seen huge drawdowns after the rally. Ethereum faced a 95% drawdown in 2017, while Solana had a similar downturn before the 2021 bull run.
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