2023-10-24 18:00 |
Solana (SOL) has undoubtedly been one of the major winners of the recent crypto rally after notching over 60% gains on the weekly chart. Since it has grown so much, expectations of a downside are common. However, one crypto analyst is bucking this trend as they see a continued breakout for the altcoin.
Solana To Breakout To $55In the post shared by crypto analyst Babenski on TradingView, we can see where the analyst expects the price of Solana to end up. The chart which already shows Solana’s price surge above $30 suggests an almost 100% leg-up from this high level.
Babenski uses the Solana weekly chart in which they see the price breaking out. This comes as no surprise given that Solana has performed better on the weekly chart compared to the daily chart with a 60.89% increase for the former and a 30.49% increase for the latter.
The crypto analyst also points out that SOL would need to save a key level if it is to continue this breakout. From the chart, this key level appears to be the $25 mark that was strongly defended by the bears before the SOL price rally began.
Solana’s closing price on Monday was also the highest weekly close since the FTX crypto exchange crashed back in 2022. So Babenski believes that as long that Solana maintains the highlighted key level, then the SOL price “looks very bullish in coming days.”
SOL Bullish Contagion SpreadsBabenski is not the only crypto analyst who sees further breakout for Solana. Another analyst Alan Santana on the same platform shares the bullish outlook but with an even higher price tag that exceeds Babanki’s $55 prediction.
Alan Santana actually sees SOL reaching as high as $150, which is almost three times Babenki’s top prediction. Santana also points out the fact that SOL had been in consolidation since 2022 and the fact that the altcoin just broke out of it is incredibly bullish.
The analyst’s first stop on the way to this is $113 before continuing onward and rising as high as $153. “Solana’s potential towards 150 is now so easy and so close it is getting scary,” the crypto analyst wrote.
Even though Solana’s price is currently sitting at $31.47 at the time of this writing, both predictions actually expect the price to double from here. There are no timeframes included on both predictions. But unless Bitcoin continues to maintain its position as the first mover, SOL would have to decouple from the leading cryptocurrency to achieve these price points.
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