Solana (SOL) Price Prediction: ‘Blue Skies’ Ahead as SOL Eyes New Highs
- Barbara StreisandOriginal
- 2024-11-11 15:28:19346browse
SOL price could be eyeing new highs, as crypto analyst Corne Marchand noted. According to Marchand, Solana only has one big obstacle to overcome before soaring to new all-time highs.
Solana price enjoyed a breakout over the weekend as Bitcoin price surged. At $211, SOL price has hit its highest level in 2021 and could continue to set new highs in the coming days. However, SOL price is down 1.5% in the past 24 hours and trades at $205.33 at 00:35 a.m. EST.
Analyst Sees ‘Blue Skies’ Ahead for Solana Price
SOL price is now eyeing new highs, as noted by crypto analyst Corne Marchand. According to Marchand, there is only one major hurdle left for Solana before it can soar to new all-time highs. This hurdle is the $248 mark, which also happens to be Solana’s previous all-time high.
After touching $211, SOL briefly entered the $100 billion market cap league, but has since retraced and sits around $99 billion. Marchand also noted that after SOL price clears $248, it could easily reach $360. His SOL expectations for this bull run is $900 to $1000 per SOL.
Can SOL Price Reach $1000 This Bull Run?
Solana has had a fruitful year, largely thanks to the meme coin mania. During that period Solana soared by 269% while most of the other crypto coins remained stagnant or dropped due to Bitcoin’s post-halving sell-off and other bearish market conditions.
The price of SOL has the potential of surging to $1000 and beyond as previous historical data shows such price surges have occurred. For instance, since SOL price hit a bottom in December 2022, the asset has increased by 810% (9.1X). During its first bull cycle in 2021, SOL increased by over 15,000% (160X).
A repeat performance would not only put Solana above $900 or $1,000, the asset could soar above $2,000. However, these are long term targets and might occur toward the end of this last phase of the bull market.
Next Solana Price Targets Before $1,000
The Solana price forecast shows the asset is likely to hit a few stops before soaring to $900 or $1000. On the 3-day price chart, SOL price enjoyed a breakout from the bull pennant on November 5 and surged to $211. However, the asset has hit a snag since, showing some signs of rejection.
Despite this, the market conditions are still bullish and buying pressure is still high, as indicated by the Average Directional Index (ADX).
A reading of 18 shows volatility is still low, but the ADX is rising, indicating that trading activity for Solana is increasing. Together with the surging price, SOL could break out to an all-time high within the next few days.
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