Solana Price Forecast: SOL Expected to Reach $360 in 2022
Solana’s price has seen a recent rebound of 10%, reaching $140 on April 17th after a drop to $126. However, data suggests that investor optimism in Solana is currently at its lowest point in five months. This raises the question of whether this presents a buying opportunity for new investors or if the price could fall below $100 for the first time since January 2024.
Let’s take a closer look at where Solana is headed!
Could SOL Price Reach $360? Experts Weigh In
Solana has recently experienced significant fluctuations in its price, with both major dips and quick recoveries. In just 24 hours, Solana climbed back into the top 5 cryptocurrencies by market capitalization, boasting a market cap of approximately $62.9 billion and a price of $140.75. However, it’s important to note that this price is still below its previous peak of $155.48.
After the dip, what should we be buying on the rebound? pic.twitter.com/4NKPytU5d4
— Arthur Hayes (@CryptoHayes) April 14, 2024
In April, Solana faced a significant downturn, experiencing a 30% price decline. Arthur Hayes predicts that this could be a bullish push for Solana, indicating the end of the recent downturn.
Despite this setback, industry figures like Arthur Hayes, as well as influential individuals like Austin Arnold and James, remain optimistic about Solana’s future. They foresee a potential surge in the token’s value, with projections reaching as high as $360, and expectations of Solana capturing over 3% of the total cryptocurrency market capitalization.
Technically Possible, If…
Analyzing the technical aspect of Solana’s price movements reveals a promising pattern known as a rounding bottom, which suggests a potential bullish reversal. This pattern indicates increased investor interest, which could drive up Solana’s price. Solana is approaching a resistance level of around $151.76, and if the current trend continues, a further recovery to around $170 could be expected.
Factors Driving the Surge
Taking a closer look at the current price outlook, recent network updates have contributed to Solana’s resilience and potential for growth. The introduction of the Anza update aims to address network congestion issues and improve overall performance. While Anza represents a significant step forward, further enhancements are expected in upcoming updates, such as V1.18.
Despite market volatility, Solana’s ability to quickly recover showcases its status as a top coin. With ongoing network improvements and a positive outlook from analysts and influential individuals, Solana appears poised for continued growth. Additionally, events like the Bitcoin split could impact Solana’s price, potentially pushing it above all-time highs.
Tags: Altcoins, Price Analysis