Solana Price Prediction: Could SOL Surge 400% This Bull Run?
Solana Price Prediction: Is a 400% Uptrend on the Horizon?
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After a recent dip, Solana (SOL) has found support at the $163 mark and is currently trading around $168. The cryptocurrency is once again facing resistance at the $170 level, a hurdle it’s struggled to overcome for the past month. Despite the price fluctuations, bullish sentiment surrounding Solana remains strong amongst analysts. Many predict new all-time highs, surpassing its previous record of $259 set in November 2021.
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Analysts See Potential Bullish Breakout
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Over the past 24 hours, Solana has rebounded by nearly 3%, although trading volume has decreased by about 2% according to CoinGecko data. This drop in volume suggests that while some investors are taking profits, bullish sentiment remains, particularly after the recent price pullback.
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Crypto analyst Byzantine General has observed that buying pressure seems to be strengthening at lower support levels. Traders are eager to capitalize on short-term dips in Solana’s price. Looking at the bullish predictions, Captain Faibik recently suggested on X (formerly Twitter) that Solana is poised for a \”bullish pennant\” breakout after a prolonged consolidation period visible on the 3-day SOL/USDT chart.
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Faibik believes a successful breakout from this pattern could propel Solana to a new all-time high of $400 within the current bull cycle, projected to last until at least the first quarter of 2025. However, this forecast is somewhat conservative compared to the bolder prediction from market expert Crow.
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Could Solana Reach $800?
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In a separate social media post, Crow indicated that the Solana price could soar by approximately 400% during this bull run, drawing parallels to the previous price actions of the 2021 uptrend. Crow highlighted that the last bull cycle had two distinct phases: a rise from $3 to $50 and another jump from $25 to $250. He notes that Solana has progressed from $16 to $200 this time, and he foresees a potential climb from $200 to $800.
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Navigating the Ups and Downs
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While these bullish predictions are exciting, it’s crucial to acknowledge that bull cycles typically don’t move in a straight line. Historical data demonstrates this, with Solana experiencing significant retracements of over 20% on August 5 and September 6, respectively.
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To effectively navigate these fluctuations, it’s essential to analyze SOL’s daily chart and identify key support levels. Maintaining these levels could help prevent further declines. In the event of a deeper correction, the first critical support level to watch is the $160 mark. Additional support levels are identified at $153 and $145. The most significant support, however, is located in the $127 zone. This level has proven resilient throughout the token’s consolidation phase in recent months, effectively halting further price declines and safeguarding the critical $100 mark.
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Featured image from DALL-E, chart from TradingView.com