The post Solana Skyrocket To $220? Analysts Predict a Major Price Surge Ahead appeared first on Coinpedia Fintech News
Solana (SOL) is catching the attention of investors as it stands as the fifth-largest cryptocurrency with a market cap of $73 billion. Last month, it jumped an impressive 19% to reach $157.04, signaling strong buying power. Meanwhile, analyst RichRangatang has shared exciting news, he believes Solana could rise by 40% soon! Is a huge breakout on the horizon?
Key Signals Point to a Big Move
In a recent post on TradingView, RichRangatang pointed out some important signs on Solanaâs weekly chart. He noticed that the Relative Strength Index (RSI) is aligning well with its moving average (RSI-MA14), and the Moving Average Convergence Divergence (MACD) just crossed above its signal line. These signals usually hint at a strong price rise ahead.
Currently, Solana is trying to break through a crucial resistance level. If successful, analysts believe the price could soar to around $220.Â
As of now, Solana (SOL) is trading at around $156.4, making this a potential profit opportunity of 40% for investors.
However, the excitement isnât limited to just Solanaâs price. The entire Solana ecosystem is thriving, with many tokens showing impressive growth.Â
Growth in the Solana Ecosystem
Tokens in the Solana ecosystem are also thriving. According to Solana Daily, various tokens connected to DeFi and decentralized exchanges are seeing major gains. For instance, the CROWN token skyrocketed by 103%, while Metaplexâs MPLX token increased by 55%, hitting a market cap of $462 million.
This growth across Solanaâs network shows strong confidence from investors. As we move further into Q3 of 2024, all eyes are on Solana.
Bigger Goal For Solana
While RichRangatangâs target is exciting, other market analysts are more optimistic. InvestingScope, another well-known analyst, has set an ambitious price target of $5,000 for Solana. This bold prediction follows a recent market recovery, as Solana has rebounded by 22% from its lows in the past month.
