Solana (SOL) was recently within the highlight after the US Securities and Exchange Commission (SEC) adjusted its criticism regarding the classification of SOL. The network also ranked because the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for an enormous rally.
Analysts Set Latest ATH Targets For Solana
On Tuesday, crypto trader Yoddha forecasted his price goal for Solana this cycle based on its performance over time. In response to his chart, SOL saw a 96% drop from its all-time high (ATH) in the course of the last bearish rally. After the retrace, the token saw a 343-day accumulation period.
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This era was followed by a 600% surge to the yearly high above $200 seen in March. In response to Yhodda, SOL is in an accumulation zone again, moving inside a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the approaching months, hitting the $1,000 mark this bullish run.
SOL’s price is preparing for a breakout to a latest ATH. Source: Crypto Yhodda on X
Meanwhile, analyst Inmortal Crypto highlighted that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb.
Poseidon, one other pseudonym analyst, shared an identical opinion. He stated that investors “can have a likelihood to purchase SOL below $150 again” before it rallies to $500.
In response to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, an identical structure preceded the worth expansion that led to Solana’s ATH.
Jelle considers that Solana “looks ripe to push higher” and can enter a “mania-like stage” once it gets moving. He also suggested that SOL shall be scaling out aggressively” after it breaks above its ATH.
Nonetheless, he set the token’s final goal to $600, disagreeing with those expecting a latest ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst.
SOL Price Stays Still Despite Bullish News
On Tuesday, Solana and its community received bullish news after the US SEC amended its criticism within the lawsuit against crypto exchange Binance.
The regulator filed an amendment regarding its “Third Party Crypto Asset Securities” criticism, stating that there isn’t a imperative need for the court to rule on “the sufficiency of the allegations regarding those tokens at this juncture.”
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Moreover, Lookonchain revealed that Solana was the second-largest revenue-generating crypto project on July 29. The network generated $940,000 in revenue within the previous 24 hours, surpassing Ethereum’s $844,300 revenue.
Despite the news, SOL’s price didn’t register any notable performance, hovering between the $177 and $183 price range. As of this writing, Solana is trading at $182, a 0.3% price drop from yesterday and a gentle 2.5% surge within the last week.
SOL’s performance within the weekly chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com