The Solana price has risen by 3.5% today, climbing to $148 as the cryptocurrency market recovers by 1.5% in the past 24 hours.
SOL remains down by 5.5% in a week, but has posted a 16% gain in a month and a 525% increase in the past year.
Its movements today also come as one Crypto-Twitter analyst notes that the Solana price has formed a “massive pennant bullish continuation pattern,” and that it could rise as high as $800 over the next year.
Such a price may be a best-case scenario for SOL, but with the market likely to gain further momentum as we end 2024, it’s certainly on course for more gains in the medium- and long-term.
Solana Price Forecast: Analyst Says Prepare for the Greatest Year Yet as $SOL Forms Bullish Pennant
While SOL has dipped a little in the past hour, its short-term momentum remains very promising, as underlined by its indicators.
For one, its 30-period moving average (orange) has just climbed over the 200-period average (blue), forming a ‘golden cross’ that often signals an incoming breakout.
Source: TradingView
Not only that, but SOL’s resistance (red) and support (green) levels are converging on each other, which again indicates an imminent push.
And when we zoom out and look at Solana’s longer term chart, we also see a medium-term pennant forming, again reinforcing the suspicion that something big may be coming.
Online analyst CryptoCurb pointed this out a couple of days ago, while advising his followers to prepare for the “greatest year” of their lives.
Based on all of these short- and long-term technicals, it certainly seems like a good time to buy Solana, given that it’s still relatively cheap.
It’s 42% down from its ATH of $259, and if Curb’s tweet above is believable, the Solana price could surge beyond $800 by the end of the 2025.
This would imply a 440% increase, while it would also push Solana’s market cap up to $376 billion.
Assuming that no other altcoin grows during this period, such a cap would make SOL the second-biggest token in the market, ahead of ETH.
While it’s unlikely that no other alt will grow over the next year, the market is certainly in a good position to make further gains over the coming months.
While Iran’s missile strikes on Israel did drag prices down, the market has begun to recover again, building on the bullishness that followed the Fed’s rate cut last month.
Assuming a favorable context, the Solana price could hit $250 by the end of 2024.
Diversifying into High-Potential Presale Coins
As strong as Solana remains, most traders should also consider diversifying into smaller cap tokens, which includes presale coins
The best presales often generate plenty of momentum before their respective tokens list, meaning that they can rally strongly once exchanges begin adding.
Probably the presale token with the best chance of doing this is Pepe Unchained (PEPU), new layer-two project that has raised over $17.8 million in its soon-to-be-ending sale.
Pepe Unchained is close to rolling out its L2 network for Ethereum, which it aims to develop into a thriving ecosystem for meme tokens.
As an L2, it will offer near-instant transactions and very low fees, while its scalability and efficiency will also enable it to offer double the staking rewards it would have provided as a mere layer-one token.
It will have a max supply of 8 billion PEPU, with 30% of this going to staking and 20% to the presale.
As a meme token, it’s also important that Pepe Unchained nurtures a thriving community, and in this respect it’s encouraging to note that its X account reaches 36,000 followers.
Read More: Pepe Unchained Price Prediction
While PEPU’s sale will end in the next few weeks, investors can still join it by going to the coin’s official website.
It’s now selling at $0.00993 per token, although this will rise again in just under a day.
The post Solana Price Forecast: Analyst Says Prepare for the Greatest Year Yet as $SOL Forms Bullish Pennant appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
All Rights Reserved to Amznusa www.amznusa.com
Why Amznusa?
AMZNUSA is a dynamic website that focuses on three primary categories: Technology, e-commerce and cryptocurrency news. It provides users with the latest updates and insights into online retail trends and the rapidly evolving world of digital currencies, helping visitors stay informed about both markets.
