Solana (SOL) Expected to Continue its Breakout
Solana (SOL) has experienced significant gains in the recent crypto rally, with a weekly chart showing over 60% growth. While many anticipate a downside, one crypto analyst sees a continued breakout for the altcoin.
Solana Predicted to Reach $55
In a TradingView post, crypto analyst Babenski shares their prediction for the price of Solana. The chart already indicates that Solana has surpassed $30 and suggests a potential 100% increase from this level.
The analyst focuses on the Solana weekly chart, where they anticipate a breakout. This is not surprising considering that Solana has performed better on the weekly chart compared to the daily chart, with a 60.89% increase versus a 30.49% increase, respectively.
Babenski also highlights the importance of SOL maintaining a key level at $25 for this breakout to continue. This level was strongly defended by bears before the SOL rally began.
Moreover, Solana’s closing price on Monday was the highest weekly close since the crash of FTX crypto exchange in 2022. As long as Solana maintains the highlighted key level, Babenski believes that the SOL price will remain bullish in the coming days.
Other Analysts Share Bullish Outlook
Another analyst named Alan Santana shares a similar bullish outlook for Solana on TradingView but predicts an even higher price of $150. Santana points out that SOL had been consolidating since 2022 and breaking out of this consolidation is incredibly bullish.
Santana’s first target is $113 before further rising to $153. The analyst believes that Solana has the potential to reach $150 and finds it “easy and close.” However, both predictions do not provide specific timeframes.
Although Solana’s current price sits at $31.47, both analysts expect the price to double from here. It is important to note that achieving these price points would require SOL to decouple from Bitcoin, which currently holds the leading position in the crypto market.
Hot Take: Solana’s Continued Growth
Despite recent gains, Solana is predicted to continue its breakout according to crypto analysts. With Babenski expecting SOL to reach $55 and Santana going even higher with a prediction of $150, Solana has significant upside potential. However, it remains to be seen if SOL can maintain its momentum and decouple from Bitcoin’s influence. Keep an eye on Solana as it continues its bullish trajectory in the coming days.
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