Solana Looks ‘Ripe To Push Higher’, Is A Mania-Like Rally To $600 Coming?

Rubmar Garcia

11 months ago

3 mins read

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Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for a massive rally.

Analysts Set New ATH Targets For Solana

On Tuesday, crypto trader Yoddha forecasted his price target for Solana this cycle based on its performance over the years. According to his chart, SOL saw a 96% drop from its all-time high (ATH) during the last bearish rally. After the retrace, the token saw a 343-day accumulation period.

This period was followed by a 600% surge to the yearly high above $200 seen in March. According to Yhodda, SOL is in an accumulation zone again, moving within a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the coming months, hitting the $1,000 mark this bullish run.

Meanwhile, analyst Inmortal Crypto highlighted that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb.

Poseidon, another pseudonym analyst, shared a similar opinion. He stated that investors “will have a chance to buy SOL below $150 again” before it rallies to $500.

According to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, a similar structure preceded the price expansion that led to Solana’s ATH.

Jelle considers that Solana “looks ripe to push higher” and will enter a “mania-like stage” once it gets moving. He also suggested that SOL will be scaling out aggressively” after it breaks above its ATH.

Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst.

SOL Price Stays Still Despite Bullish News

On Tuesday, Solana and its community received bullish news after the US SEC amended its complaint in the lawsuit against crypto exchange Binance.

The regulator filed an amendment regarding its “Third Party Crypto Asset Securities” complaint, stating that there is no imperative need for the court to rule on “the sufficiency of the allegations regarding those tokens at this juncture.”

Additionally, Lookonchain revealed that Solana was the second-largest revenue-generating crypto project on July 29. The network generated $940,000 in revenue in the previous 24 hours, surpassing Ethereum’s $844,300 revenue.

Despite the news, SOL’s price didn’t register any notable performance, hovering between the $177 and $183 price range. As of this writing, Solana is trading at $182, a 0.3% price drop from yesterday and a mild 2.5% surge in the last week.

solana, Sol, SOLUSDT — SOL’s performance in the weekly chart. Source: SOLUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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