A popular cryptocurrency analyst who accurately predicted the ongoing Solana price surge has made another bold prediction as the coin rally gains steam.
Solana Price Forecast As Pro Makes Bold Prediction
In an X post, Crypto Bullet, an analyst with over 141,000 followers, predicted that the SOL price would jump to as high as $600 in the near term. If accurate, such a move would imply a 135% increase from the current level.
His forecast was notable since he accurately predicted the price action in April when the coin was consolidating. His main point is that the SOL coin has just completed a six-month consolidation, which could usher in a strong comeback in the coming months.
While his SOL price forecast is bold, some analysts believe that the coin has more room to rally in the long term. As we wrote earlier this week, one analyst believes that the SOL coin will soar to $5000.
Fundamentally, Solana is firing on all cylinders, helped by the ongoing boom in meme coins. All meme coins in the ecosystem have hit a market cap of over $20 billion, while DEX protocols have handled over $102 billion in volume. That is higher than what Ethereum and Base have handled, combined.
There are also odds that there will be a spot Solana ETF in 2025 when Gary Gensler’s tenure at the Securities and Exchange (SEC) ends and he is replaced by a crypto-friendly head.
Weekly Chart Suggests More SOL Upside
The weekly chart suggests that the Solana price has more upside to go. On the chart below, we see that the coin formed and completed the formation of a cup and handle pattern. This pattern is made up of a horizontal line connecting two swings and a rounded bottom. The swings in this case were at $205, its highest level in March this year and December 2021.
Solana price then formed the handle section between March and November and made a strong breakout that pushed it to $260, which was its highest point in 2021.
By measuring the distance between the upper and lower side of the cup, we can estimate that the long-term Solana price forecast is $6,355. The caveat is that the C&H pattern can take many months or years to complete.
Conversely, a drop below the support at $205 will invalidate the short-term bullish view for the coin.
The post Analyst Who Accurately Predicted Solana Price Rally Shares Next Target appeared first on CoinGape.
