Solana (SOL) is drawing analysts’ attention as it targets a new all-time high (ATH). After hitting a high of $264 and falling to $222, SOL has bullish potential according to technical analysis. Analysts predict Solana will continue an uptrend with a target of $300.
Recently, Solana has attracted attention with its upward trend. After reaching the peak, a short pause creates a new record expectation in analysts. Some experts state that they have opened long positions with an expectation of an increase for 2025.
About six days ago, Solana climbed to a new peak, surpassing its previous all-time high (ATH) of 2021. This occurred in parallel with Bitcoin’s price discovery process. However, unlike Bitcoin, the SOL rally did not go far after the peak and the price quickly fell back despite passing the previous ATH.
Solana Price Chart and Analyst Views
Solana reached an all-time high of $264 last Saturday, surpassing its 2021 peak of $260. However, after that level, the price started to decline and is currently down to $222. Still, market analysts believe that Solana is close to setting a new record.
Market observer NuriGG, who shares his analyses on TradingView, stated that Solana is ready to reach a new peak based on technical analyses. NuriGG stated that he opened a long position in Solana and his target price is $294.25. The analyst finds this strategy ambitious in terms of risk/return ratio; because he aims to earn five times the risk he takes.
NuriGG said that he observed a clear ascending channel formation on Solana’s four-hour chart, which is a sign of an upward movement in the market. The analyst, who opened his position at $230, aims to limit his potential loss by setting a stop-loss at $216.15. NuriGG, who set his profit target at $294.25, expects a gain of approximately 28.49%.
If this target is achieved, the analyst hopes to make a profit of $2,269.46 by trading 19,455 SOL tokens. However, there is a risk of a loss of $750 if the price falls to the stop-loss level. NuriGG has allocated a total capital of $6,535 for this trade.