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Crypto CEO Says Get Ready For Solana To ‘Rally Higher Again’ With New Target

Scott Matherson
Scott Matherson
Last Updated: February 9, 2024 7:00 pm
3 mins read
Solana price

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Founder and Chief Executive Officer (CEO) of Evai Crypto Ratings, Matthew Dixon, has expressed optimism about the Solana future price outlook, projecting a new bullish target for the cryptocurrency. 

CEO Predicts Bullish Outlook For Solana

In a recent post on X (formerly Twitter), Dixon shared a Solana and USD pair price chart originally published on TradingView, a crypto analysis platform. The crypto CEO indicated that the ongoing price correction for Solana, identified as “wave 4 (blue)” on the price chart, has not concluded and is expected to experience further declines. 

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He predicted that the ongoing wave 4 (blue) would reach a price level similar to Solana’s previous price correction, albeit to a lesser degree. The Evai CEO also anticipates that after the conclusion of the recent correction, Solana may experience a price rally once again.

Previously, Solana witnessed a major surge, nearly surpassing the $125 threshold. However, the cryptocurrency lost a substantial portion of its gains as the bullish hype faded, eventually settling below the $100 price mark at some point. 

Additionally, on Tuesday, February 6, the Solana blockchain was temporarily halted due to an outage, resulting in no new blocks being produced for over 25 minutes. This unexpected disruption significantly impacted the overall sentiment of the cryptocurrency, causing slight declines in the price of SOL. Following this, a solution was coordinated among validators, and the network officially resumed operations. 

Presenting another price chart for Solana, Dixon has projected a new upside target of $120 for the cryptocurrency. The crypto CEO has stated that despite the recent blackout, Solana has maintained both short-term and long-term positive prospects. Nonetheless, investors are advised to anticipate a potential mid-term price correction for the cryptocurrency. 

SOL Price Surges Above $100 Mark

Reports from Santiment, a global market intelligence platform, have also indicated a bullish outlook for Solana. Earlier on Thursday, the crypto data platform disclosed on X that Solana is currently dominating the altcoin market and has become one of the few cryptocurrencies outperforming Bitcoin. 

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Santiment shared a price chart illustrating Solana’s recent price action, showcasing a robust climb over the past few days. According to their data, in the last 36 hours, Solana’s price relative to Bitcoin has increased by over 4.5%. 

The cryptocurrency market intelligence platform disclosed that the outage earlier this week has instigated “Fear, Uncertainty and Doubt” (FUD) amongst investors, contributing to the current price rebound in Solana. 

Solana rallied by almost 5% in the last day, and at the time of writing, the cryptocurrency is trading at a price of $105.46, reflecting a weekly increase of 4.39%, according to CoinMarketCap. 

Solana price chart from Tradingview.com

SOL price trending at $105 | Source: SOLUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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