Solana breaks $100 and Solana price prediction by crypto analysts
Last Updated on 10 February 2024 by CryptoTips.eu
After breaking $100, the Solana price continues to target the next resistance, which is $126.40. The continued increase shows that Solana increased by 10.12% in the last 24 hours at the time of writing.
On February 6, Solana experienced a blackout, which led to unsuccessful transactions for many users, and Solana plunged during that period.
Surprisingly, the recovery of Solana came on the same day the Solana development team published a report on what caused the 5-hour outage during the week.
Crypto analysts are bullish about Solana in the coming weeks and months, and they gave their predictions based on technical patterns.
Solana price forecasts by crypto analysts
Recent forecasts from some experts suggested a bullish outlook for this token. For example, CryptoJelleNL, an investor, posted on X that SOL might repeat what Ethereum (ETH) did in 2022 when the price rose from $350 to $3500 within a few months.
$SOL is acting very similarly to $ETH in 2020, just before it went from $350 to $3,500 in a matter of months đ
— Jelle (@CryptoJelleNL) February 5, 2024
Will it play out the same? pic.twitter.com/UBiwcfRAyS
Should SOL repeat the same pattern, the price could hit $1000 before the year ends.
Matthew Dixon, CEO of Evai, a crypto rating platform, gave a short-term SOL prediction and was more conservative about his forecast.
He tweeted that the recent technical glitch might not stop the continued increase of SOL, and he expects the price to increase more in the coming months.
$SOL 120 could be a fair upside target for #Solana where the c wave = a wave (making up a larger B wave) before we get a further downside correction.
— Matthew Dixon - CEO Evai (@mdtrade) February 9, 2024
Therefore short term and long term positive with a medium term correction on the cards pic.twitter.com/uVYC3OTC5m
Based on the chart Dixon shared, he predicted that SOL might surpass $132 in the short term, but will face correction to $92 before another token increase.
Solana continues to show resilience
The recovery of Solana following the outage during the week highlights the resilience of the crypto market as a whole and the Solana token, thereby reaffirming investor confidence in the long-term potential of blockchain technology.
The present market cap of the crypto market is around $1.79 trillion. If the current momentum continues and the market cap surpasses $2 trillion, it will mark the highest market level since 2022.
