Solana’s native coin, SOL, is one of today’s top performers, pumping by 24%. But analysts anticipate a correction.
Solana’s momentum is increasing as its native coin outperforms its brethren today. However, the dust has yet to settle from the FTX fiasco and its impact on Solana. This could have longer-term impacts on SOL prices, so this pump may be short-lived.
Furthermore, Solana was boosted by the BONK meme coin airdrop, which appears to have run out of steam. BONK has already slumped 67.5% in just four days, proving that it was a pump and dump.
Crypto analyst ‘Bluntz’ has looked at the past couple of months applying an Elliott Wave trading pattern. If the scenario continues to play out, SOL could retrace to previous levels around $12. However, the analyst added that it would likely be a good dip to buy.
over 112% move from the lows on $SOL in a clear V reversal 5 wave impulsive move, one of the clearest i can see across the board actually.
over the coming weeks id anticipate an abc correcting that whole run, probs between 25-35% but itll likely be a dip to buy pic.twitter.com/L49oIl7ZgV
Despite the SOL price pump, there has only been a minor increase in DeFi TVL and activity. TVL for the ecosystem is up around 9% on the day to $254 million. However, it is down a whopping 97.5% from its $10 billion peak in November 2021, according to DeFiLlama.
Transactions, wallet activity, transfer value, and developer activity have all been hit hard since the FTX collapse. Solana is still plagued with technical issues, the latest being that the Foundation’s RPC endpoints went offline yesterday due to another bug.
However, some industry experts remained positive.
Links DAO co-founder Mike Dudas remained confident that the technology and community remained strong. He added that more developers were on the way.
$sol up 2x in 10 days from the bottom – when many were saying it was headed to $0@solana technology, products and community too strong
“I’m only happy when things on Solana are happening too fast for me to keep track. Then I know entropy and organic evolution are happening at the right pace, unbounded, like the early internet. Feels like that right now.”
If Solana can truly distance itself from the FTX/SBF septicity, then things could be looking up already.
SOL Price Surges
SOL is one of today’s top performers, with a whopping 24% gain. As a result, the coin hit an intraday and two-month high of $16.46 a couple of hours ago. Furthermore, SOL has made an impressive 62% over the past week.
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However, those epic short-term gains must be put into perspective, as the asset has been picking itself off the floor. SOL prices dumped to $8.40 in late December 2022 and are still down 94% from their peak price of $260 just fourteen months ago.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
The Solana price prediction from CoinPedia suggests that Solana price could reach a maximum level of $200 per SOL in 2024. By 2025, Solana's price could add another $50, bringing it to $250 each SOL. Longer term, the digital asset could reach as high as $672.
VanEck, a spot ETF provider, estimates Solana could reach $3,000 or fall to $10 by 2030 based on their analysis of SOL token demand. Their scenario suggests a value of $335 by 2030.
Bullish Price Outlook And Key Support Levels To Watch
Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth.
Solana price stood at $123.74. According to the latest long-term forecast, Solana price will hit $200 by the end of 2024 and then $300 by the middle of 2025. Solana will rise to $400 within the year of 2028, $500 in 2031 and $700 in 2035.
However, in the very long-term 2050 price predictions, CoinMarketCap has continued its overall view of a slow but positive price trend for Solana over multiple decades. They have stated a price range between $1,141 and $1,311 for Solana by the year 2050.
Solana price could reach a potential high of $500 by the end of 2024. Solana network has one of the fastest transaction speeds and success rates when compared to its rivals. SOL price, with a potential surge, could go as high as $1672 by the end of 2030. The current price of Solana is $ 121.91839572.
Solana's recent breakout brings up the question whether SOL can exceed all-time highs and rally to $1,000? While SOL will not run to $1,000 in the short term, it should be able to get there long term. SOL has the potential move to $1,000.
Future Solana (SOL) upgrades could elevate the cryptocurrency to $260 in the near term. It has the potential to rise to $3,000 by 2030 and reach over $6,000 by 2050.
Conclusion. While it's challenging to predict the exact future price of any cryptocurrency, Solana's strong fundamentals, growing ecosystem, and increasing DeFi activity suggest a bright future. Whether Solana can reach $2000 remains to be seen, but its potential for significant growth is undeniable.
Solana's recent breakout brings up the question whether SOL can exceed all-time highs and rally to $1,000? While SOL will not run to $1,000 in the short term, it should be able to get there long term. SOL has the potential move to $1,000.
While it's challenging to predict the exact future price of any cryptocurrency, Solana's strong fundamentals, growing ecosystem, and increasing DeFi activity suggest a bright future. Whether Solana can reach $2000 remains to be seen, but its potential for significant growth is undeniable.
This is not too surprising, as investors are often focused on round numbers, such as $10, $100, $500, or $1,000—these are often called “psychological price levels”. It is certainly possible for Solana to reach $1,000 in the future under the right conditions.
The analyst's medium-term scenario suggests that Solana has completed its motive wave (3) and is currently in the corrective Wave (4), setting the stage for a potential breakout to $400 or even $600 in the future.
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