Solana Price Prediction as Traders Predict 40% Surge Soon

Last updated: May 7, 2024, 7:07 p.m. EDT | 2 minutes of reading

Solana (SOL) price is falling on Tuesday, falling back to $150 after reaching almost $160 earlier in the day, although traders continue to predict a strong near-term upside for the token.

Solana succumbed to selling pressure on Tuesday after challenging the $160-$163 support-turned-resistance zone, where the 50DMA also resides.

For now, Solana’s price remains stuck in a range of $120-160. Source: TradingView

GROUND is still up more than 25% from last week’s lows. Weaker-than-expected U.S. jobs data last week helped bolster sentiment about growing confidence in Fed rate cuts this year.

Place Bitcoin ETFs Flows have also been positive in recent days, although US regulatory fears are in focus this week. The SEC this week hits retail stock and crypto trading platform Robinhood with Wells review.

For now, Solana’s price remains stuck in a range of $120-160.

But traders continue to predict big things for the cryptocurrency. Here’s what you need to know.

Solana Price Prediction – Traders Predict 40% Upside

One trader believes Solana price is set to show a 40% upside in the short term.

In their article on Trading ViewATradeSniper believes SOL can rally back above $200 after breaking out of a descending flag structure.

Other traders are also optimistic about the near-term outlook.

“SOL is currently the most bullish chart after BTC,” commented popular crypto analysis account MancBTC.

Solana has maintained its annual volume-weighted average price (VWAP), with its ecosystem and memes thriving, Mac noted.

MacnBTC also believes that Solana price is ready to rise by 40% and surpass $200 again.

Meanwhile, fellow analyst ColdBloodShill urged his followers to ignore low time frame (LTF) analysis and focus on the strength of HTFs.

The bullish trend is expected to return to crypto later this year, afterreduce by half favorable winds are coming for BTC and Fed rate cuts are comingSolana price could be in consolidation mode before a major upward push.

Investors would do well to secure a decent bag of SOL. But they are also expected to add exposure to crypto tokens within the Solana ecosystem.

These could include management Solana Coins BONK or WIF. Or the native token of the largest in Solana DEX Jupiter (JUP).

But traders looking to take risks would also do well to dedicate them to future projects.

One project that Cryptonews analysts really like is the new Solana Slothana (SLOTH) coin.

SOL Alternative to Consider – Slothana (SLOTH)

After a successful pre-sale that saw Slothana raise over $10 million in funds, the launch of the meme coins last week was a big success.

The token last had a market cap of $14 million, with over $2 million in liquidity and over 35,000 holders.

It depends DEXToolswhose smart contract audit shows Slothana to be a perfectly clean token.

These impressive measurements suggest that Slothana has the early makings of a piece of money this could generate big gains.

The first goal would be to overtake Slerf, the current largest sloth-themed token on Solana.

Slerf reached a market capitalization of almost $500 million earlier this year. If SLOTH can match this feat, it would mean 35x gains from current levels.

But SLOTH has even bigger goals, and that’s why the team continues to expand the coin’s usefulness.

“Exciting updates are brewing in the background,” Slothana teased on Twitter.

Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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