Solana demonstrates resilience and strong growth potential, supported by technical analysis and positive market sentiment despite ongoing market fluctuations.
Points
- Solana predicted to rise to $600, a 229.04% increase.
- Current trading performance shows steady gains.
- Positive legal developments impacting Solana’s price movements.
- Potential ETF approval could further boost Solana’s value.
Jelle’s analysis shared on the social media platform X on July 31, 2024, indicates that Solana is “preparing to enter a phase that could create excitement.” The analyst predicts that the altcoin Solana could rise to $600, a 229.04% increase from its current price.
This prediction is based on Solana surpassing its previous all-time highs （ATH）. A gain of 130.81% from its ATH of $259.96 in November 2021 could make this target achievable.
Current Performance and Legal Developments
Currently trading at approximately $182.35, Solana has increased by 1.13% in the last 24 hours, 2.71% in the past week, and 24.99% in the last month. This performance has positioned Solana as the fifth-largest cryptocurrency by market value.
One of the factors behind Solana’s rise is the developments in the legal battle between the U.S. Securities and Exchange Commission （SEC） and the cryptocurrency exchange Binance. The SEC has softened its allegations that some crypto assets are unregistered securities, positively impacting Solana’s price movements.
Advice for Investors
Solana’s upward momentum is supported by the breaking of the reaccumulation structure and positive legal developments. If these positive triggers continue, reaching Jelle’s target of $600 could be possible.
Another catalyst is the ETF process for Solana. However, this process is not expected to happen immediately. The probable date is projected to be 2025. Even the possibility of approval for the ETF process could push Solana’s price to the analyst’s target of $600.
解説
- Solana’s strong performance and potential for significant price gains highlight its resilience.
- Positive legal developments and market sentiment are key factors supporting Solana’s growth.
- The potential for ETF approval adds an additional bullish catalyst for Solana’s future value.
- Investors should monitor legal developments and technical indicators to make informed decisions.