{"id":629101,"date":"2024-07-10T23:00:16","date_gmt":"2024-07-10T23:00:16","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=629101"},"modified":"2024-07-10T18:31:50","modified_gmt":"2024-07-10T18:31:50","slug":"solana-primed-for-massive-gains-crypto-pundit-forecasts-600-price-target","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/solana\/solana-primed-for-massive-gains-crypto-pundit-forecasts-600-price-target\/","title":{"rendered":"Solana Primed For Massive Gains: Crypto Pundit Forecasts $600 Price Target"},"content":{"rendered":"

In recent weeks, Solana (SOL), the 5th largest cryptocurrency on the market, experienced a period of decline, hitting a two-month low of $121 on Friday. The coin’s value struggled to break above the $188 level in May, resulting in a continuous <\/span>downtrend <\/span><\/a>further exacerbated over the past seven days with the general market\u2019s correction.\u00a0<\/span><\/p>\n

However, crypto analyst Jelle has sparked optimism by suggesting the potential for substantial gains for SOL in the coming months, reminiscent of the fabled “Solana Summer” of 2021.<\/span><\/p>\n

Analyst Draws Parallels To 2021’s “Solana Summer”\u00a0<\/span><\/h2>\n

Jelle took to social media to share an <\/span>analysis <\/span><\/a>of SOL’s price action, drawing parallels between its current behavior and the events of the summer of 2021. The analyst noted months of consolidation, characterized by lower highs while maintaining support above the $120 level.\u00a0<\/span><\/p>\n

Jelle emphasized that SOL is rebounding from the weekly Relative Strength Index (RSI) midlevel, mirroring the pattern observed in July 2021. Encouraged by these similarities, Jelle boldly believed in Solana’s future, setting a target of $600 for this <\/span>market cycle<\/span><\/a>.<\/span><\/p>\n

Related Reading: Crypto Analyst: Solana Goes \u2018Parabolic Soon\u2019 As Firedancer Draws Closer<\/a><\/div>\n

During the Solana Summer of 2021, the price of SOL more than tripled between July and November. The coin’s market capitalization grew significantly from a pre-summer low of $10 billion to an impressive high of $63 billion by the end of the year, eventually leading the SOL\u2019s price to its current <\/span>all-time high<\/span><\/a> of $259.<\/span><\/p>\n

Jelle’s optimistic outlook implies the potential for even greater gains this time. A surge from the current trading price of $141 to $600 would represent a remarkable 352% increase, surpassing the coin’s current value.<\/span><\/p>\n

\"Solana\"
The daily chart shows SOL’s price downtrend over the past months. Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Nevertheless, Solana faces immediate resistance just above its current trading price at $143, a formidable barrier that has proven challenging for the token over the past six days.<\/span>
\n<\/span><\/p>\n

The subsequent targets are the 200-day Exponential Moving Average (EMA) and the $150 resistance level. The <\/span>200-day EMA <\/span><\/a>has served as a crucial support level for the token over the past six months, contributing to its price appreciation in the first quarter of this year, reaching a yearly high of $210 on March 18.<\/span><\/p>\n

Regaining the 200-day EMA would be imperative for Solana Bulls, as it would position the token to target and surpass its next obstacle at $170.<\/span><\/p>\n

Market Cap Sees Double-Digit Decline<\/span><\/h2>\n

Delving into key financial metrics to gauge Solana’s blockchain performance and price correlation, Token Terminal data<\/a><\/span> shows that Solana’s fully diluted market capitalization is $80.78 billion. However, this figure represents a decline of 11.9% over the past 30 days.<\/span><\/p>\n

Related Reading: Avalanche Aims Higher As Price Continues To Gain Pace Above $23.50<\/a><\/div>\n

The circulating market capitalization of Solana, which considers the number of tokens actively trading in the market, currently amounts to $64.54 billion. Like the fully diluted market cap, this metric has experienced an 11.4% decrease in value over the past 30 days, along with SOL\u2019s price.<\/span><\/p>\n

However, despite the recent market dip, Solana’s token <\/span>trading volume<\/span><\/a> over the past 30 days has remained relatively stable, with a trading volume of $77.37 billion, indicating continued interest from bullish investors.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In recent weeks, Solana (SOL), the 5th largest cryptocurrency on the market, experienced a period of decline, hitting a two-month low of $121 on Friday. The coin’s value struggled to break above the $188 level in May, resulting in a continuous downtrend further exacerbated over the past seven days with the general market\u2019s correction.\u00a0 However, crypto analyst Jelle has sparked optimism by suggesting the potential for substantial gains for SOL in the coming months, reminiscent of the fabled “Solana Summer” of 2021. Analyst Draws Parallels To 2021’s “Solana Summer”\u00a0 Jelle took to social media to share an analysis of SOL’s price action, drawing parallels between its current behavior and the events of the summer of 2021. The analyst noted months of consolidation, characterized by lower highs while maintaining support above the $120 level.\u00a0 Jelle emphasized that SOL is rebounding from the weekly Relative Strength Index (RSI) midlevel, mirroring the pattern observed in July 2021. Encouraged by these similarities, Jelle boldly believed in Solana’s future, setting a target of $600 for this market cycle. Related Reading: Crypto Analyst: Solana Goes \u2018Parabolic Soon\u2019 As Firedancer Draws Closer During the Solana Summer of 2021, the price of SOL more than tripled between July and November. The coin’s market capitalization grew significantly from a pre-summer low of $10 billion to an impressive high of $63 billion by the end of the year, eventually leading the SOL\u2019s price to its current all-time high of $259. Jelle’s optimistic outlook implies the potential for even greater gains this time. A surge from the current trading price of $141 to $600 would represent a remarkable 352% increase, surpassing the coin’s current value. Nevertheless, Solana faces immediate resistance just above its current trading price at $143, a formidable barrier that has proven challenging for the token over the past six days. The subsequent targets are the 200-day Exponential Moving Average (EMA) and the $150 resistance level. The 200-day EMA has served as a crucial support level for the token over the past six months, contributing to its price appreciation in the first quarter of this year, reaching a yearly high of $210 on March 18. Regaining the 200-day EMA would be imperative for Solana Bulls, as it would position the token to target and surpass its next obstacle at $170. Market Cap Sees Double-Digit Decline Delving into key financial metrics to gauge Solana’s blockchain performance and price correlation, Token Terminal data shows that Solana’s fully diluted market capitalization is $80.78 billion. However, this figure represents a decline of 11.9% over the past 30 days. Related Reading: Avalanche Aims Higher As Price Continues To Gain Pace Above $23.50 The circulating market capitalization of Solana, which considers the number of tokens actively trading in the market, currently amounts to $64.54 billion. Like the fully diluted market cap, this metric has experienced an 11.4% decrease in value over the past 30 days, along with SOL\u2019s price. However, despite the recent market dip, Solana’s token trading volume over the past 30 days has remained relatively stable, with a trading volume of $77.37 billion, indicating continued interest from bullish investors. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":626745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[83626,86515,92246,84595,87683,89405,85361,90228,89753,86410,83627],"class_list":["post-629101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-solana","tag-solana-sol","tag-solana-analysis","tag-solana-blockchain","tag-solana-ecosystem","tag-solana-news","tag-solana-price","tag-solana-price-analysis","tag-solana-price-prediction","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Primed For Massive Gains: Crypto Pundit Forecasts $600 Price Target<\/title>\n<meta name=\"description\" content=\"Analyst Jelle has sparked optimism by suggesting the potential substantial gains for 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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