Solana (SOL) has recently been in the spotlight after the U.S. Securities and Exchange Commission (SEC) adjusted its complaint regarding SOL’s classification. The network was also classified as the second-largest revenue-generating crypto project on Monday. Following this, some market observers shared their predictions for the token’s recent performance. Some highlighted that the recent rejection of a key level could push the token’s value down to $150 before it is ready for a massive rally.
Analysts Set New ATH Targets for Solana
On Tuesday, crypto trader Yoddha predicted his price target for Solana this cycle based on its performance over the years. According to his chart, SOL has seen a 96% decline from its all-time high (ATH) during the last bearish rally. Following the pullback, the token has seen a 343-day accumulation period.
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This was followed by a 600% rally to a yearly high above $200 that was recorded in March. According to Yhodda, SOL is once again in an accumulation zone, trading within a descending wedge pattern. The chart suggests to the trader that the token’s price could skyrocket by over 455% in the coming months, reaching $1,000 in this bull run.
Meanwhile, Inmortal Crypto analyst illuminated that SOL rejected the weekly open (WO) price at $190 which was trading above the previous week’s WO. For the trader, if SOL price fails to hold the $180 support level, it could potentially fall to retest the monthly open (MO) at $147 before resuming the rally.
Poseidon, another pseudonymous analyst, shared a similar opinion. He said investors “will have a chance to buy SOL below $150 again” before it rises to $500.
According to Crypto Jelle, SOL broke out of a “reaccumulation structure” this month. According to the chart, a similar structure preceded the price expansion that led to Solana’s ATH.
Jell I am considering that Solana “looks ripe for a push higher” and will enter a “mania-like stage” once it starts moving. He also suggested that SOL will scale aggressively” after breaking through its ATH.
Still, he set the token’s ultimate goal at $600, disagreeing with those who were expecting a up-to-date ATH above $1,000. “I fear those expecting $1,000 or more are in for a rude awakening,” the analyst said.
SOL price remains unchanged despite bullish news
On Tuesday, Solana and its community received some good news after the U.S. Securities and Exchange Commission (SEC) amended its complaint in a lawsuit against cryptocurrency exchange Binance.
The regulator filed an amendment to its “Third Party Crypto Asset Securities” complaint, stating that it is not necessary for the court to rule on the “sufficiency of the allegations regarding these tokens at this time.”
Additionally Lookonchain revealed that on July 29, Solana was the second-largest revenue-generating crypto project. The network generated $940,000 in revenue in the previous 24 hours, surpassing Ethereum’s $844,300 in revenue.
Despite the news, the SOL price has not seen any significant performance, hovering between a price range of $177 and $183. At the time of writing, Solana is trading at $182, down 0.3% from yesterday and up a gentle 2.5% over the past week.
Featured image from Unsplash.com, chart from TradingView.com
