Solana (SOL) Price at $162 is Cheap, Analyst Forecasts It Could Hit $1,000
- Patricia ArquetteOriginal
- 2024-11-03 04:00:10546browse
A crypto analyst recently drew attention to Solana, describing it as still undervalued. The price of SOL is around $162, but it remains significantly below its all-time high of $260.06
Solana (CRYPTO: SOL) price has been on a roller coaster ride throughout the second half of 2024. After an initial surge, the cryptocurrency faced strong resistance at the $200 level, leading to a period of price consolidation. However, recent analysis suggests that SOL’s price is setting the stage for a potential breakout.
Here's why some market experts believe Solana is 'cheap' at $162. A crypto analyst highlighted Solana's undervalued status in a recent tweet. While SOL trades at around $162, it's still notably lower than its all-time high of $260.06, attained on November 7, 2021. This marks a 37% decline from its peak, indicating potential for significant upside.
With the prospect of a new bull run on the horizon, many experts believe Solana's price prediction could see a resurgence to its previous highs and pave the way for even higher levels.
Solana price could hit $1,000, analyst predicts. The crypto expert took to Twitter to share his predictions for cryptocurrency prices, envisioning sky-high valuations for Bitcoin, Ethereum, and Solana. Assuming a Trump victory and a stable economic environment, he anticipates Bitcoin (CRYPTO: BTC) to trade in a range of $100,000 to $200,000. Ethereum (CRYPTO: ETH) could reach a zone of $4,000 to $6,000, while Solana (CRYPTO: SOL) might hit between $500 and $1,000.
He further speculates that the total cryptocurrency market cap could witness a substantial increase, reaching a potential level of $5 trillion to $10 trillion. According to his estimation, the market is now entering its second growth phase, and he urges investors to consider securing their positions as it may be an optimal time.
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