Solana (SOL), one of the top cryptocurrencies by market cap, has recently shown signs of a possible price recovery after a bearish performance in August.
The asset, which experienced a drop of almost 10% in the last week, has started to… regain momentum In early September, Solana rose from a recent low of $124 to over $134 in early trading today, showing a 2.7% increase in the past 24 hours, and is now trading at $132.
Amid this rally, renowned cryptocurrency analyst Javon Marks has… kept a bullish outlook on Solana, with a long-term target of $233.8 for the asset.
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Why is there a $233 target in sight for Solana?
According to Marks, Solana has shown signs of a continued upward trend, with its price potentially rising to $233.8 and even higher if The momentum continues.
The analyst’s projection of SOL reaching this mark and beyond is based on a hidden bullish divergence pattern, within which SOL has been trading for quite some time now.
Marks particularly highlighted in the prediction post about X:
Our target of $233.8 for SUN (Solana) has been holding since mid-2023 at $16.12, with prices seeing a rise of around 1,203% after reaching it. Now, with the pullback just below, this target remains unchanged as the breakout that puts it in play is still holding, and with bullish signals coming in, a rise of almost 72% could be developing to finish that process of reaching it.
The analyst further suggested that if Solana breaks above this $233.8 price level, it could see a further rise towards $457, representing a additional increase of 93%.
SOL Breakpoint Approaches
In addition to Javon Marks’ price outlook, other analysts have weighed in on potential Solana price movements, particularly around the upcoming SOL Breakpoint event.
Cryptocurrency analyst Marty Party, responding to a post by another analyst named Sai on X, noted that historically, Solana’s price has seen significant gains leading up to this event.
Marty’s Party noted“Solana’s average breakout pump is 62%. With SOL currently trading at $133, a 62% increase could take it to $215.46.”
Sai’s mail Solana’s price performance prior to previous Breakpoint events was highlighted. In 2021, Solana saw a 68% price increase prior to the conference, followed by a 42% increase in 2022 and a 58% increase in 2023.
The Breakpoint event, which showcases the innovation and development of the Solana ecosystem, has historically attracted the attention of investors, contributing to the pre-event price increases.
#Solarium Breakout point in 16 days. Do you know how Solana price behaves before the breakout point?
Price increases of 68% in 2021 before the breaking point
Price increase of 42% in 2022 before breaking point
Price increase of 58% in 2023 before breaking pointFollow the 🧵Thread🧵 to make sure you don’t miss out in 2024…
— Sai (@SaiPrathap846) September 4, 2024
This year, the Breakpoint event will take place on September 20th in Singapore and there is already excitement in the Solana community.
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With just 16 days left, analysts like Sai are anticipating a potential rally similar to previous years. It remains to be seen whether Solana can replicate its previous price gains, but historical data and bullish technical signals suggest the possibility of a significant upward movement.
Featured image created with DALL-E, chart by TradingView
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