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Solana (SOL), one of the leading cryptocurrencies by market capitalization, has recently shown signs of a potential price rebound following a downtrend in August.
The asset, which saw a drop of almost 10% last week, has started to gain momentum as it enters September. Solana has risen from a recent low of $124 to over $134 in the early hours of today, showing a 2.7% raise in the last 24 hours, currently trading at $132.
In featherlight of this revival, renowned cryptocurrency analyst Javon Marks recently maintained bullish on Solana, with a long-term target of $233.8 for the asset.
Why does Solana have its eye on a $233 target?
According to Marks, Solana is showing signs of continuing its uptrend and its price could rise to $233.8 or even higher if the momentum continues.
The analyst’s forecast for SOL to reach and exceed this level is based on an underlying bullish divergence pattern that SOL has been operating within for quite some time now.
Particularly noted in the X predictions post:
Our target is $233.8 SALT (Solana) has been holding at $16.12 since mid-2023 and prices have risen about 1203% towards its meeting. Now with the pullback just below, that target remains unchanged as the breakout brings it into play, continues to hold and with bullish signals coming in, a near +72% raise to complete this meeting process could be in the works.
The analyst further suggested that if Solana breaks through the $233.8 level, the price could surge to $457, which would be an additional 93% raise.
Approaches to the SOL breakpoint
In addition to Javan Marks’ price predictions, other analysts have weighed in on the potential for Solana stock price volatility, especially in the context of the upcoming SOL Breakpoint event.
Cryptocurrency analyst Marty Party, responding to a post by another analyst nicknamed Sai on the X forum, noted that historically, Solana’s price has seen significant increases in the run-up to this event.
Marty’s Party excellent: “The average Solana Breakpoint pump is 62%. At SOL’s current price of $133, a 62% increase could take it to $215.46.”
Sai fasting highlighted Solana’s price action prior to previous Breakpoint events. In 2021, Solana saw a 68% price raise in the lead-up to the conference, followed by a 42% raise in 2022 and a 58% raise in 2023.
The Breakpoint event, showcasing the innovation and growth of the Solana ecosystem, traditionally attracts investor attention, contributing to price increases ahead of the event.
#Solana Breakpoint in 16 days. Do you know how Solana price behaves before breakpoint?
Price Up 68% in 2021 Before Breakpoint
Price Increase 42% in 2022 Before Breakpoint
Prices to rise 58% in 2023 before tipping pointFollow 🧵Thread🧵 to make sure you don’t miss out on 2024…
— Sai (@SaiPrathap846) September 4, 2024
This year, Breakpoint will take place on September 20 in Singapore, and excitement is already building among the Solana community.
With just 16 days to go, analysts like Sai are predicting a potential rally similar to previous years. Whether Solana will be able to repeat its previous price gains remains to be seen, but historical data and bullish technical signals suggest the potential for a significant move higher.
Featured image created with DALL-E, chart from TradingView
