Solana Predicted to Reach $188 According to Evai CEO
One cryptocurrency that has been making waves in the market recently is Solana’s native token, SOL. In late 2023, SOL was priced at around $20. However, in early 2024, the token skyrocketed to a high of $200, marking an incredible 794% increase year-to-date (YTD). While there has been a recent drop in price, SOL is currently trading at $144.5, reflecting a 10% increase and boasting a market cap of $67 billion.
Solana’s Potential Surge to $188
CEO of Evai, Matthew Dixon, has expressed his optimism about Solana’s future price movement. He believes that SOL is likely to resume its upward trend soon. Dixon pointed out that the current price action of Solana resembles a five-wave impulse heading upwards, followed by an ABC correction in the second wave.
- Dixon suggests that SOL may experience a brief dip during the ABC correction phase, which could help stabilize the market by eliminating short sellers.
- This correction is expected to create a strong support level around $144, from which Dixon predicts SOL will rally towards $188.
Impact of PCE Numbers on Solana
The release of today’s Personal Consumption Expenditures (PCE) numbers is expected to play a crucial role in Solana’s price movement. The PCE Price Index, which is the U.S. Federal Reserve’s preferred measure of inflation, is set to be revealed by the U.S. Bureau of Economic Analysis at 12:30 GMT.
- The core PCE Price Index is forecasted to increase by 0.1% month-over-month and 2.6% year-over-year.
- Dixon emphasizes the significance of the PCE numbers in influencing Solana’s trajectory in the market.
Analysis of Solana’s Price Movement
Currently, Solana is trading above $144 and the 100-hourly simple moving average. On the hourly chart for SOL/USD, a bullish trend line is forming with support at $142, near the 50% Fibonacci retracement level from the recent price move between $138 and $151.
- If the price continues to rise, it may encounter resistance at around $150, with a stronger barrier at $152.
- In case SOL fails to surpass $152, a correction could ensue, with initial support at $145, and a drop below $140 potentially leading towards $128 in the short term.
Hot Take: Solana’s Continued Growth
Despite experiencing fluctuations in price, Solana’s SOL token continues to show promise in the market. Evai CEO, Matthew Dixon’s prediction of a potential rally towards $188 indicates the positive outlook for Solana’s future. Stay tuned for further updates on Solana’s price action and market performance.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content. Cino’s contributions serve as a valuable compass for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With a commitment to precision, he empowers informed decision-making within the ever-evolving crypto sphere.
