Crypto Bullet, a very popular cryptocurrency analyst who has been very accurate in predicting Solana's current price surge, continues to make new comments.
This expert also predicted very accurately the price movement of SOL in April 2024.
If Crypto Bullet's prediction is correct, the crypto market's outlook for the coming month is extremely bright, with the price of SOL set to more than double (135%) from the time of writing.
Famous expert makes bold prediction on Solana price
In a post on X, Crypto Bullet, a crypto analyst with over 141,000 followers, predicted that the price of SOL will skyrocket to $600 in the near future.
Crypto Bullet commented that SOL coin has just completed a six-month "consolidation" process, and is showing many positive signs signaling a strong comeback in the coming months.
While this expert's SOL price forecast is quite bold, some analysts believe that SOL is more likely to rise in price in the long term.
Fundamentally, Solana is performing very impressively, supported by the continued explosion of top potential meme coins. All meme coins in the Solana blockchain ecosystem have reached a total market capitalization of over $20 billion. And DEX protocols have processed over $102 billion in volume related to the Solana blockchain. That's more than what Ethereum and Base have processed combined.
And as Gary Gensler’s tenure at the Securities and Exchange Commission (SEC) comes to an end, a new, more crypto-friendly SEC chairman could help get a Solana ETF approved in 2025. By then, SOL’s value is almost certain to rise even further.
Weekly chart technical analysis promises strong bullish potential for SOL
The weekly chart shows that Solana still has a lot of room to run. On the chart below, we see that the cryptocurrency has formed and completed a Cup and Handle pattern. This pattern consists of a horizontal line connecting two swings and a rounded bottom, a “U” body, and a “V” or smaller “U” shaped handle. The swing in this case for SOL is $205, the high in March of this year and December 2021.
Solana price then formed a handle between March and November and had a strong breakout, soaring to $260, the highest level in 2021.
By measuring the distance between the top and bottom of the cup of this price action pattern, we can estimate that the long-term Solana price forecast is up to $6,355. Note that the C&H Cup with Handle pattern can take many months or years to complete.
In the opposite scenario, a drop below the $205 support level would invalidate the short-term bullish outlook for the SOL token.