Although some assets in the cryptocurrency market are slowing down, things seem to looking optimistic for Solana (SOL), which has been recording gains across multiple time frames, and might continue to push higher in the following weeks, perhaps even to the price of $600.
Specifically, Solana has broken out from the re-accumulation structure and looks ripe to push higher, upon which it “likely soon enters a mania-like stage” and scales out aggressively, according to the analysis shared by pseudonymous crypto trading expert Jelle in an X post on July 31.
Solana price prediction 2024: How high can Solana go?
As the crypto analyst further explained, Solana’s final target, once it breaks above its all-time highs (ATHs) and proceeds “scaling out aggressively,” will be around $600, which, according to his chart pattern analysis, could happen sometime in the next couple of months.
Solana price prediction and performance analysis. Source: CryptoJelleNL
In other words, if the crypto market expert’s forecast for Solana’s future performance comes true, it would represent an increase of a whopping 229.04% from its price at press time and a 130.81% gain from its ATH of $259.96 it reached back in November 2021.
Solana price analysis
For now, the currently fifth-largest asset in the crypto sector by market capitalization is changing hands at the price of $182.35, suggesting a 1.13% gain in the last 24 hours, an advance of 2.71% across the previous seven days, as well as an accumulated increase of 24.99% on its monthly chart.
Solana price 30-day chart. Source: Finbold
So, why is Solana pumping? Notably, SOL’s recent price action might, at least partially, be the result of an unexpected turn in the courtroom standoff between the United States Securities and Exchange Commission (SEC) and one of the largest crypto exchanges in the world – Binance.
As it happens, the securities regulator has recently pulled back on the claim that some crypto assets are unregistered securities, including, among others, Solana, despite previously accusing Binance of illegally endorsing them as part of its complaint against the crypto trading platform.
All things considered, chances are that Solana might reach the high price target set by the crypto expert, especially taking into account the positive triggers it experienced recently. That said, trends in this market can change unexpectedly, so doing one’s own research is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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