Solana’s $681 Prediction from Last Year Holds Strong for 2024, Says Analyst
Highlights:
- A market expert who predicted Solana’s $681 price ascent recently revisited his evaluation from last year, noting that it still holds.
- Despite the market declines, Solana has maintained its spot as one of the top-performing cryptocurrencies.
- Solana is on track to converting $135 to support, implying a bullish future for the token.
The crypto market could be in for another round of blood bath, evidenced by Bitcoin’s sudden slump in price. The flagship crypto asset has fallen below $60,000, trading around the $57,700 price region.
Hence, it is unsurprising that market participants are involved in panic sell-offs to mitigate losses. Amid the declines, an expert who predicted Solana’s $681 price ascent in 2023 has revisited his evaluation, asserting that it could still hold this year.
Previous Analysis In 2023 Projecting Solana’s $681 Price Surge
Taking to his verified X handle on June 2023, Javon Monks, a renowned crypto analyst, predicted SOL’s ascent to $681. In his exact wording, Monks stated, “A >30X to $681+ can be on the way for SOL (Solana), and it may take many by surprise.”
When making the bold prediction in June 2023, Solana’s worth was around the $20 price region; this makes the forecast by the market expert appear ridiculous at the point of making the prediction. Notedly, the expert highlighted three price targets for SOL’s path to $681 in the shared chart: $233.719 as the initial price point, followed by $457.472, culminating in a peak target of $681.225.
How Has SOL Fared After The Prediction?
In a new post dated June 3, 2024, Monks revisited his assertion, highlighting the progress made after a year interval. Per the market expert, SOL was close to hitting the first price target of $233.719. “After the attached analysis, did a near 10X in price from $21.141 to $210+, climbing nearly +900% and nearing our first target level at $233.719,” Monks remarked
Going further, he stated that despite failing to touch the $233.719 level last year, SOL will break above it soon. Summarizing Solana’s progress, Monk noted, “What was once a projected >30X and over +3,000% move to $681+, based on trends, is now only an approximate 4.8X away or a roughly +372% move, and Solana could be setting here to deliver that and more.”
$SOL (Solana), after the attached analysis, did a near 10X in price from $21.141 to $210+, climbing nearly +900% and nearing our first target level at $233.719, which prices can be preparing here to break above.
What was once a projected >30X and over +3,000% move to $681+,… https://t.co/OtfC8Uevd4 pic.twitter.com/Mchq0yjhQB
— JAVON⚡️MARKS (@JavonTM1) July 3, 2024
Solana’s Market Readings Today
At the time of press, Solana is changing hands at about $134 courtesy of a 5.4% decline in the past 24 hours. The coin is ranked the fifth most valuable asset with a $62.05 billion market valuation and boasts a $3.23 billion 24-hour trading volume.
Despite the declines, Solana has maintained its position as one of the top-performing cryptocurrencies. It has outperformed 95% of the top-performing cryptocurrencies, trading above its 200-day Simple Moving Average (SMA), and has high liquidity.
Technical Analysis indicates that SOL Will Convert $135 To Support Soon
After a gradual decline from an already established resistance at $154.49, SOL appears to be staging a recovery. If the bull outweighs the bear, the price correction could see Solana revisit $135.31 and convert it to support.
In a scenario where the bull continues to persist, it could result in Solana exceeding close resistance levels, which includes $149.55. Breaking $149.55 implies that 154.49 is imminent, with the potential to surge SOL to the moon if breached.
Read More
- Next Cryptocurrency to Explode in July 2024
- Crypto Price Predictions
- Best Crypto Exchanges in 2024
- Labour’s UK Election Win to Drive Crypto and CBDC Focus
Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
View full profile ›ℹ️About Crypto2Community's Editorial Process
Crypto2Community's editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict editorial policy and sourcing standards, and each page undergoes diligent review by our team of top crypto industry experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
