Solana Looks Ripe To Push Higher, Is A Mania-Like Rally To $600 Coming?
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 tokens recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before its 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.
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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 tokens 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 weeks WO. To the trader, if SOLs price doesnt 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 Solanas 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 tokens final target to $600, disagreeing with those expecting a new ATH above $1,000. People expecting $1000+ are in for a rude awakening Im 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 Ethereums $844,300 revenue.
Despite the news, SOLs price didnt 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.
Source: NewsBTC.com
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