Could Solana Price Reach $500? Analysts Predict a Major Rally Ahead
The Solana price has risen by 1% in the past 24 hours, touching $144 as the crypto market as a whole dips by 1%.
SOL remains down by 9% in the past week and by 10.5% in the last 30 days, with the altcoin – the fifth-biggest coin in the market – standing on 500% gain in the past year.
This annual increase means it still has plenty of medium- and long-term momentum, with some analysts predicting that its underperformance in recent weeks is setting it up for a breakout towards $400 or $500.
This a best-case scenario, but with the market bracing for rate cuts in the next few weeks, the Solana price could begin a climb towards this target soon.
Solana has been trading within an increasingly narrow range for nearly a week now, raising the probability of a big move.
Its indicators reflect its indecision, with its RSI (purple) hovering around the 50 level for a couple of days, equally capable of rising or falling.
Meanwhile, its 30-period moving average (orange) has been struggling below the 200-period average (blue) for over five days, again implying that a rally is overdue.
One bullish sign is that SOL’s resistance (red) and support (green) are now very close to each other, another portent of a potential breakout.
Analysts have been picking up on such signals recently, with X analyst Curb noting yesterday that the Solana price has been trading within a relatively narrow range for 170 days.
$SOL
Solana has consolidated between $120-$210 for ~170 days, bouncing between monthly support/resistance.
When this consolidation eventually breaks up, the move is going to be massive.
Expect a swift move up to ~$400-$500, before advancement to ~$800-$1k+.#SOLANA ⚡️ pic.twitter.com/rqMf6VJ7dM
Again, this would mean that SOL should breakout soon, with
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