Altcoins
Analyst Who Predicted Solana’s 1,100% Move Reveals Altcoin’s Next Direction
Javon Marks, crypto analyst provided insight into the future trajectory of Solana (SOL) after reaching a return of 1,100%. The analyst is known to have correctly called the crypto token’s previous high, which is one of the reasons why his latest prediction is worth watching.
Solana could reach $453
Brands mentioned in an X (formerly Twitter) job that despite its recent pullback, Solana price could be preparing for another price hike. He noted that a rise of over 54% could already be in the works and such a price move could pave the way for another rise of over 93%, which would propel Solana to $453.
Related reading: Cardano Ready for 15x Move, Crypto Analyst Reveals Key Drivers
Source: X
Brands predicted Last year, Solana would climb above $200, which it finally did this year, peaking at a yearly high (YTD) of $202. Although the crypto token has declined significantly from this price level, Marks’ recent prediction confirms that Solana’s run is not yet over and will still surpass its current all-time high (ATH) of $260.
Solana reaching $453 seems more feasible given that crypto analysts like Altcoin Sherpa have done so. predicted that the crypto token could surpass $500 by the end of the year. Also crypto analyst Hansolar predicted that Solana could climb up to $600 in this market cycle. Meanwhile, Crypto YouTuber Jake Gagain predicted that Solana would reach $750, although he mentioned that this would likely happen in 2025.
SOL could become the third largest crypto token
Solana’s rise to $500 could lead the crypto token to become the third-largest crypto asset by market cap, just behind Bitcoin and Ethereum. This is possible because an increase to $500 is almost double Solana’s current ATH. Also crypto analyst Chris O previously predicted that this would likely happen as he predicted that Solana and ADA would fight for the position.
In the meantime, asset manager Franklin Templeton also seemed confident in Solana’s potential to become the third largest cryptocurrency. In a recent analysis, the asset manager highlighted the factors that could lead to this development. One is Solana’s technology, which they believe will be perfect for industries that will drive the next wave of crypto adoption.
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Franklin Templeton also hinted at upcoming airdrops on the Solana Network, which could bring more liquidity to the ecosystem and possibly cause the price of Solana to rise, just like during the Jito and Pyth airdrops. The asset manager also noted that coin activity on the network is not slowing down, which could help make Solana the third largest cryptocurrency.
Solana has become the leading meme coin exchange network, leading to an influx of new investors into the ecosystem. Therefore, sustained network expansion will likely have a positive impact on Solana’s price sooner or later.
At the time of writing, Solana is trading at around $144, up over the last 24 hours, according to data from CoinMarketCap.
SOL price at $144 | Source: SOLUSD on Tradingview.com
Featured image from DL News, chart from Tradingview.com