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06/09/24
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Solana (SOL) Shows Signs of Recovery: Analysts Target $233.8 Amid Breakpoint Anticipation
Solana (SOL), a prominent cryptocurrency by market capitalization, is displaying signs of recovery after struggling through a tough August. Despite seeing almost a 10% dip in the previous week, the cryptocurrency managed to regain some traction as September commenced. It has rebounded from a recent low of $124 to trade above $134, reflecting a 2.7% increase in the last 24 hours, with current trading figures around $132.
Market analysts are optimistic about Solana’s future price trajectory. One known analyst has consistently set a target of $233.8 for Solana, focusing on bullish signals that indicate the potential for further growth. This optimistic outlook is attributed to a hidden bullish divergence pattern in Solana’s price movements, suggesting strength in its trend.
The analyst emphasized that the initial target of $233.8, first established mid-2023 when SOL was around $16.12, remains intact despite recent fluctuations. The anticipated price increase of nearly 72% to reach this target may be on the horizon if the current bullish momentum continues. Additionally, if Solana surpasses the $233.8 level, there is speculation that it could climb towards $457, reflecting a possible 93% surge.
A significant event on the horizon may also influence Solana’s price action—the upcoming Breakpoint event, set to occur on September 20th in Singapore. Historically, Solana’s prices have rallied prior to this event, with notable increases documented in previous years. For example, there was a 68% surge in 2021, a 42% rise in 2022, and a 58% increase in 2023 leading up to similar events.
As anticipation builds among the Solana community, many analysts foresee the potential for a rally similar to previous years, which could significantly impact SOL’s price in the coming weeks. With just over two weeks remaining until the Breakpoint event, all eyes will be on Solana to see if it can repeat its past successes.
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