Solana price could be edging closer to ending its six-month sideways movement and hinting at a massive rally. Adding credence to this outlook is an expert who issued a “final warning” as he expects SOL to soar by double digits in under two weeks. The analyst’s bullish scenario is backed by his outlook on Bitcoin’s price, which could hit $80,000 in the same period.
Will the SOL price rally 50% in just 13 days, as predicted by the analyst?
Why Is Solana Price Rising Today?
On October 24, SOL price rose 4.9% and currently trades at $173.46. This bullish outlook can be attributed to Bitcoin’s uptick during Wednesday’s late New York trading session.
There are a few reasons why Solana has been outperforming Ethereum over the past few months:
Solana’s total value locked (TVL) recently hit a two-year high, indicating increased network usage. Solana has surpassed Ethereum in daily transaction fees, driven by the growing popularity of meme coins on its blockchain.
SOL/USDT 12-hour chart
Although Solana shot up 4.9% in the past 24 hours, backed by Bitcoin’s momentum, will it rally 50% in less than two weeks? This analyst believes that it is possible.
Final Warning For SOL Price Before $250
Crypto Analyst Kale Abe predicts the Solana price will hit $250 with 110,000 YouTube subscribers. Abe argues that since Bitcoin’s price movements significantly impact the cryptocurrency market, and if BTC price rebounds towards $70,000, Solana could reach $200.
The analyst notes that SOL was the strongest crypto asset in the market in 2024 and, in what he notes as a ‘final warning,’ anticipates a significant price surge in SOL once Bitcoin reaches price discovery.
Abe foresees the $250 price tag around 13 days from Oct. 24, coinciding with the much-awaited November U.S. elections. Since Donald Trump’s involvement in the blockchain industry, the role of the crypto space in U.S. politics has become more significant.
Abe predicted that if Trump wins, the Bitcoin price could reach $80,000, as this political event has become a potential catalyst for market movement. Trump is already leading Vice President Kamala Harris by 59.9% to 40.2% on Polymarket.
Solana Price Analysis: Will SOL Rally 50% in 13 days?
The 12-hour Solana price chart shows a strong upward curve forming a parabolic rise, confirming a bullish sentiment. The recent break above the key resistance level of $160 signals the continuation of this upward momentum.
The parabolic rise could bring Abe’s ‘final warning’ prediction to pass, as the asset is poised to complete two bullish breakout moves that could catapult it to $259.
On the way up, SOL could face resistance around $190, which coincides with the supply zone of the current prolonged consolidation zone Solana is in. This is a psychological level where many traders have their sell stops. Beyond that, the SOL price could surge to $259.
Solana Price Analysis ChartSolana price forecast shows the asset may turn bearish if the resistance at $190 becomes too strong to break. SOL could drop back to $160, and if this level also fails to hold, the asset could retest $120.
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