In the latest speculation around Solana price, an analyst said an upcoming breakout would “feed generations” after a signal that could send SOL to $2,000 appeared. With recent movements stirring excitement in the crypto space, traders and analysts are speculating on the potential of SOL to reach these heights.
SOL price is down 1.5% in the last 24 hours and is trading at $165. The decline is likely because Bitcoin price is experiencing selling pressure and has dropped to $66,363.
Despite the drop, SOL has been up 6.7% in the past week, and price action remains in a tight, bullish parabolic chart pattern. Can Solana soar to $2,000?
What’s the Probability of Solana Price Hitting $2000?
The chances of the SOL price rising and hitting $2,000 are within reason. At $165, Solana is significantly lower than its previous high of $220. Analysts suggest that SOL could reach a market cap similar to Ethereum, implying a price target of around $840.
So far, Solana is outperforming Ethereum. Solana price is up 51% year-to-date, while Ethereum’s price has only increased by 9.4% over the same period.
Furthermore, the SOL/ETH pair hit a new all-time high of 0.06461, meaning Solana has overtaken Ethereum.
Data from DeFiLlama shows Solana TVL hit $7.472 billion, breaking a 2-year high. Another $2.47 billion and SOL will have broken its all-time high record.
These metrics indicate Solana has the capability of taking Ethereum’s place and by implication, has a high chance of surging to $840 per coin. But can it reach $2,000?
Regression Band Reveals Path to $2000 SOL Price
A less-commonly used indicator suggests Solana price could surge to at least $2,000, with an upside target of $4,032. The Regression Band indicator tool analyzes price trends and potential support and resistance levels using linear regression lines that represent the expected range of price movements based on historical price data and statistical deviations from the regression line.
- The middle line (white) represents the fair value based on the trend of SOL over the observed period (July 2020 to October 2024). This line indicates the long-term trend direction.
- The orange, yellow, and green lines above the fair value line represent different levels of resistance, or upper bounds, where the price of SOL is expected to face selling pressure.
- The green, light green, and blue lines below the fair value line represent different levels of support, where buying pressure may occur.
The key support levels are around $116.36 and $57.20, while resistance is seen at $236.69 and $481.48, $979.39, $1,992.21 and $4,032.44.
As of October 2024, the price of Solana is near the Upper Band 1 ($236.69), suggesting that while SOL is experiencing upward momentum, it has not yet reached the first upper resistance level but is closer to it.
Is Solana Going Parabolic?
The general upward slope of the regression bands and the recent price action suggest that SOL is currently in a bullish phase.
Solana’s short-term price action shows a developing cup-and-handle pattern, which is a bullish continuation pattern. The rounded bottom suggests the market has been accumulating in the $120-$140 range and is preparing for a breakout.
SOL moving out of its consolidation phase and currently approaching the $180 resistance level. Beyond this, the price could surge 46% to reach $240.
SOL price forecast shows the asset has crossed above several key moving averages, signaling a shift in momentum towards buyers. A parabola can be seen forming on the chart and if the price respects it, Solana could reach $240 by mid-November. If the Solana price breaks below $150 support, it would signal market weakness, invalidating the current bullish thesis.
Frequently Asked Questions (FAQs)
An analyst suggested that Solana is on the verge of a breakout that could drive its price to $2,000 based on technical indicators, specifically the Regression Band.
Analysts believe it’s possible but unlikely in the immediate future. A more realistic target based on market cap comparison with Ethereum would be around $840.
Yes, recent price movements indicate that Solana is forming a bullish cup-and-handle pattern and moving in a parabolic trend. If this trend continues, Solana could surge toward $240 by mid-November.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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