Solana eyes $1,000 this cycle as an ‘easy target’

Although Solana (SOL), much like the larger part of the cryptocurrency market, has been underperforming in recent days, there’s a chance its price could skyrocket to $1,000 (and beyond) in a matter of months, as a renowned crypto analyst has observed.

Indeed, $1,000 looks like an “easy target” for Solana in this cycle, taking into account the current “cup with handle” chart pattern, indicating a bullish continuation, observed by the popular pseudonymous crypto trading expert Trader Tardigrade in an X post on June 13.

Specifically, the crypto sector expert’s analysis suggests that the currently fifth-largest asset in the cryptoverse by market capitalization could begin its upward movement in late summer this year and then reach and surpass the impressive $1,000 price target sometime in late 2025.

Solana price analysis

For now, Solana is changing hands at the price of $148.17, which represents a decline of 1.97% in the last 24 hours, a 13.95% drop across the previous seven days while still holding onto the accumulated 2.18% advance on its monthly chart, as per the most recent data on June 14.

Meanwhile, it is also worth noting that another famous crypto specialist, Ali Martinez, is bullish on Solana’s future performance, recently identifying a triangle formation that draws key support at $143 in an uptrend line while facing resistance at $178 as a downtrend level that could break out soon.

Considering this chart pattern, a bullish bias toward a resistance breakout, and the overall positive sentiment favoring altcoins, Martinez shared a Solana price prediction that sees the price of this crypto asset surging a whopping 53%, as Finbold reported on June 12.

#Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u

— Ali (@ali_charts) June 12, 2024

All things considered, Solana could be looking at a massive price increase, which means now would be one of the last chances to accumulate it at a relatively low price. However, trends in this sector can sometimes make surprising twists, 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.

Source