Despite recent lackluster performance, Solana (SOL) remains a standout asset in the market, garnering investor confidence due to its potential for a significant price surge amidst continued growth this year. A recent analysis suggests that Solana’s price could soar above $1,000 in the coming months.
Referred to as “Trader Tardigrade,” an analyst on X believes that reaching the $1,000 price level is an achievable target for Solana in this cycle. The analysis, shared on June 13, is based on the current “cup with handle” chart pattern, indicating a strong rally for Solana.
“SOL to $1,000 this cycle. It is an achievable target with the current ‘cup with handle’ chart pattern. Promising projects like Solchat stand to benefit from the rise in $SOL and its low transaction fees,” Trader Tardigrade stated.
As of the time of writing, the price of Solana was at US$148.72, experiencing a 1.1% decline in the last 24 hours and a 13.6% retracement in the past week.
Renowned cryptocurrency analyst Ali Martinez predicts a potential bullish rally for Solana, with expectations of a breakout of over 50% for the asset in the near future. Martinez also forecasts a 53% price move for Solana, emphasizing the importance of monitoring the $143 support and $178 resistance levels to determine SOL’s trend direction.
It is essential to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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