Solana shows resilience despite a market correction, with bullish forecasts suggesting significant price increases.
- Analyst Ali Martinez predicted that Solana’s price could surge to $950, reflecting patterns from 2021. Raoul Pal foresaw Solana reaching up to $1,200 by 2025, driven by a bullish market cycle and increased network activity.
Despite a broader market correction, Solana [SOL] has shown resilience by holding its horizontal support level. This price action has led to the formation of higher lows, suggesting a potential bullish trend.
Solana shows bullish trends
Prominent analyst Ali Martinez has shared his optimistic outlook for Solana on X (formerly Twitter). He noted that the altcoin’s current price movements were reminiscent of its behavior in 2021.
The Relative Strength Index (RSI) during both periods displayed similar low levels before a significant breakout. In mid-2021, this led to a surge in Solana’s price.
At press time, the RSI was at low levels once again, suggesting the possibility of an upcoming bullish trend.
Martinez’s analysis, extrapolating from historical patterns, projected a target price of $950 for Solana. He emphasized that technical indicators, particularly in oversold conditions, supported the likelihood of a bullish trend.
Source: X
Raoul Pal’s forecasts for 2025
Raoul Pal, a figure in the crypto space, has also expressed confidence in Solana’s future price trajectory. Pal predicted a substantial price increase in 2025, especially during the anticipated “crypto summer.”
He considered a 100% price increase conservative, expecting a typical rise of around 300%, which would set Solana’s price at approximately $600.
Pal further speculated that Solana could reach $1,200 during a full market cycle, with the potential to exceed $2,000. For a shorter cycle, he predicted a price of around $750.
Current market performance and activity
As of press time, SOL was priced at $142.69, reflecting a 2.53% increase in the last 24 hours but a 3.45% decline over the past week. Solana’s trading volume over the past 24 hours stands at $3,767,161,926.
As earlier reported by AMBCrypto, Solana’s network activity significantly increased in the second quarter of 2024. Transaction fees and revenue surged, exceeding $26 million—a 42-fold increase compared to the previous year.
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Moreover, the total SOL trading volume reached an impressive $292 billion, almost seven times higher than the same period in 2023.
This growth is attributed to Solana’s expanding ecosystem and the introduction of the SOL ETF.
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