Crypto Analyst Predicts Solana Could Hit $500 – Here is Why

A crypto analyst suggests that Solana (SOL) might be replicating a pattern from three years ago, which preceded the altcoin's surge to its all-time high.

The pseudonymous analyst Inmortal, with a significant following on the social media platform X, notes that Solana is forming a series of bullish higher-low setups on the two-day chart, following a brief rise above $200 earlier this year.

The analyst points out that SOL exhibited a similar pattern in the second and third quarters of 2021, right before Solana experienced a parabolic rise from $24 to its all-time high of $259, marking a substantial 979% increase.

Time is a flat cicle.$SOL pic.twitter.com/w06SYKsvos

— Inmortal (@inmortalcrypto) July 15, 2024

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Based on the trader’s chart, it appears there is a prediction that SOL will climb to a new record high of around $500.

At the time of writing, SOL is valued at $160.9 after a 3.65% surge in the past 24 hours with a trading volume of over $2.685 billion.

The 1-day technical analysis from TradingView seems rather bullish – the summary points at “buy” with 15 signals, the moving averages show “strong buy” with 13, while oscillators remain “neutral” at 7.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.