Crypto Pundit Forecasts $600 Price Target

Solana (SOL), the fifth-largest cryptocurrency on the market, has been on a downward trend in recent weeks, hitting a two-month low of $121 on Friday, as the coin’s value struggled to surpass the $188 level hit in May, leading to a continued decline. Downward trend This has been exacerbated by the market-wide correction over the past seven days.

However, crypto analyst Jere sounded some optimism, suggesting that SOL could see a significant upswing in the coming months, reminiscent of 2021’s legendary “Solana Summer.”

Analysts point to similarities with 2021’s “Solana Summer”

Jere on social media analysis Analyzing SOL price movement, the analyst noted similarities between the current trend and events in the summer of 2021. The analyst noted a multi-month consolidation characterized by lower highs while maintaining support above the $120 level.

Jere highlighted that SOL is recovering from the mid-level on the weekly relative strength index (RSI), mirroring a pattern observed in July 2021. Encouraged by these similarities, Jere has boldly believed in Solana’s future and set a target of $600 for the current period. Market Cycle.

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The Solana Summer of 2021 saw the price of SOL increase more than threefold between July and November. The coin’s market cap increased significantly from a pre-summer low of $10 billion to a staggering high of $63 billion by the end of the year, ultimately driving the price of SOL to its current levels. Best ever $259.

Jere’s optimistic outlook suggests even bigger gains are in store this time around: A jump from the current trading price of $141 to $600 would represent a staggering 352% increase over the coin’s current value.

The daily chart shows a downward price trend for SOL over the past few months. Source: SOLUSD on TradingView.com

Nevertheless, Solana faces immediate resistance at its current trading price just above $143, a formidable barrier that has proven to be a tough challenge for the token over the past six days.

The next targets are the 200-day exponential moving average (EMA) and the $150 resistance level. 200-day EMA It has acted as a key support level for the token over the past six months, helping its price rally in the first quarter of this year, hitting a yearly high of $210 on March 18.

Reclaiming the 200-day EMA will be a must for Solana Bulls and will put the coin in a position to target the next hurdle at $170 and beyond.

Market capitalization declines by double digits

Token Terminal delves into key financial metrics to gauge correlation between Solana’s blockchain performance and price data Solana’s fully diluted market capitalization is $80.78 billion, although this figure represents an 11.9% decline over the past 30 days.

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Solana’s total circulating market capitalization, which takes into account the number of tokens actively trading on the market, is currently $64.54 billion. Similar to the fully diluted market capitalization, this metric has experienced a 11.4% decrease in value over the past 30 days, along with the price of SOL.

However, despite the recent market decline, Solana’s token Trading Volume Trading volume over the past 30 days has remained relatively stable at $77.37 billion, indicating continued interest from bullish investors.

Featured image from DALL-E, chart from TradingView.com

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