Solana Eyes New Highs as Analyst Sees Bullish Pattern

Solana (SOL) is attracting attention for its recent price performance, with some analysts predicting it could reach new highs in the coming

Arslan Butt•Friday, June 7, 2024•1 min read

Solana Eyes New Highs as Analyst Sees Bullish Pattern

Solana (SOL) is attracting attention for its recent price performance, with some analysts predicting it could reach new highs in the coming weeks. This comes despite the broader crypto market experiencing a flat day.

Following its Own Path

Solana’s price action stands out against the backdrop of Bitcoin and Ethereum dominating market headlines. A crypto analyst, Jelle, noted this on Twitter, highlighting Solana’s resemblance to price patterns observed in February and March. Jelle believes Solana is “quietly moving higher” and expects new highs soon.

Solana Price Predictions Offer Optimism

Technical analysis by Changelly paints a bullish picture for Solana in 2024. Their forecast suggests a minimum price of $111.45 and a maximum of $161.08, with an average trading price around $210.71. More specific forecasts for June are similarly optimistic, with an average price prediction of $186.11.

Memecoin Mania Spills Over

The recent surge in GameStop stock price has sparked a frenzy in the memecoin space. A Solana-based meme token called GME, inspired by but not affiliated with GameStop, saw an over 80% increase in the last 24 hours. This highlights the potential for outsized gains in niche areas of the crypto market.

Solana Ecosystem Grows

Beyond price speculation, the Solana ecosystem continues to evolve. Mountain Protocol, a project aiming to bring a USDM stablecoin to Solana for real-world businesses, recently raised $8 million. This demonstrates the growing interest in building practical applications on the Solana blockchain.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.