- Solana (SOL) is showing signs of price recovery after a recent dip, with a rise from $124 to $132 and analysts maintaining a bullish outlook.
- Expert predictions suggest a potential climb to $233.8, with further gains possible if historical trends around the Breakpoint event repeat.
Solana (SOL), a prominent player in the cryptocurrency market, is demonstrating a strong potential for price recovery after a challenging August. Following a notable decline of nearly 10% over the past week, Solana has begun to regain momentum as September unfolds. The cryptocurrency surged from a recent low of $124 to over $134 in early trading today, marking a 2.7% increase in the last 24 hours and stabilizing at $132.
Analysts Remain Bullish on Solana’s Future
Despite recent setbacks, crypto analyst Javon Marks continues to uphold a bullish perspective on Solana. Marks has maintained a target price of $233.8 for SOL, reflecting a positive outlook based on technical analysis. He highlights a hidden bullish divergence pattern that Solana has been trading within for some time. Marks noted in a recent update on X: “Our $233.8 Target for SOL has been maintained since mid-2023 at $16.12, with prices climbing approximately 1,203% towards it. The target remains unchanged as the breakout continues to hold, with bullish signals indicating a potential 72% climb to meet this target.”
Moreover, Marks suggests that if Solana surpasses the $233.8 mark, it could potentially escalate to $457, an additional 93% increase.
Anticipation for the SOL Breakpoint Event
In addition to Marks’ projections, other analysts are eyeing Solana’s upcoming Breakpoint event, scheduled for September 20th in Singapore. Crypto analyst Marty Party has pointed out that historically, Solana’s price has experienced notable gains leading up to this event. Marty Party observed: “Solana Breakpoint pump average is 62%. With SOL trading at $133, a 62% increase could push it to $215.46.”
This sentiment is echoed by analyst Sai, who has analyzed Solana’s price behavior before previous Breakpoint events. Sai highlighted that in 2021, Solana saw a 68% price surge ahead of the conference, followed by a 42% increase in 2022 and a 58% rise in 2023. The Breakpoint event, known for showcasing the Solana ecosystem’s innovations, has historically driven pre-event price rallies.
With only 16 days until the Breakpoint event, excitement is building within the Solana community. Historical data and current bullish technical indicators suggest that significant upward movement could be on the horizon. Whether Solana can mirror its past price surges remains to be seen, but the combination of technical signals and the upcoming Breakpoint event may well set the stage for a promising rally.
