Although some assets in the cryptocurrency market are slowing down, Solana (SOL) appears to be on an optimistic trajectory. It has been recording gains across multiple time frames and might continue to rise in the coming weeks, potentially reaching $600.
Specifically, Solana has broken out from a re-accumulation structure and seems poised to push higher. According to the analysis shared by pseudonymous crypto trading expert Jelle in a post on X (formerly Twitter) on July 31, Solana is likely to enter a “mania-like stage” and scale aggressively.
Regarding Solana’s price prediction for 2024, the analyst explained that once Solana breaks above its all-time highs (ATHs) and begins “scaling out aggressively,” it could reach around $600. Based on his chart pattern analysis, this could occur within the next few months.
In other words, if the crypto market expert’s forecast for Solana’s future performance comes true, it would represent a significant increase of 229.04% from its current price and a 130.81% gain from its all-time high (ATH) of $259.96, which it reached back in November 2021.
Solana Price Analysis
Currently, the fifth-largest asset in the crypto sector by market capitalization, Solana, is trading at $182.35. This marks a 1.13% gain in the last 24 hours, a 2.71% increase over the past seven days, and a 24.99% rise on its monthly chart.
Why is Solana Pumping?
Solana’s recent price surge might be partially attributed to an unexpected development in the legal battle between the United States Securities and Exchange Commission (SEC) and Binance, one of the largest crypto exchanges in the world.
The SEC has recently retracted its claim that certain crypto assets, including Solana, are unregistered securities. This is a significant shift from its previous stance, where it accused Binance of illegally endorsing these assets as part of its complaint against the crypto trading platform.
Considering these positive developments, Solana has a good chance of reaching the high price target set by the crypto expert. However, it’s important to note that market trends can change unexpectedly, so conducting thorough research before investing is crucial.