According to prominent cryptocurrency analyst Ali Martinez, Solana (SOL) is showing “early signs of a breakout from a bull pennant.” The pattern suggests that the fifth-largest crypto by market cap could rally by about 470%, hitting $1000. As per the chart shared by Martinez, SOL could hit the $1000 target sometime in late 2024, or early 2025.
Also Read: Solana ETF Hopes Drive Price as SOL Approaches $200
SOL has experienced a substantial price surge over the last few days, rallying 14.4% in the weekly charts, 24.7% in the 14-day charts, and 31.3% over the previous month. The latest rally could be due to Bitcoin (BTC) reclaiming the $66,000 level. BTC began to rally after an assassination attempt on Donald Trump, which greatly increased his chances of winning the US Presidential race.
Source: CoinGecko
Another bullish development in the cryptocurrency space is the SEC’s approval of spot Ethereum (ETH) ETFs for trading. The ETFs will begin trading today and could lead to a market-wide rally.
How high can Solana go in July end, 2024?
Source: Bitcoin.com
According to CoinCodex, SOL will continue to trade at around current price levels for the rest of the month. The platform predicts the asset to hit $178.43 on July 31, 2024. Reaching $178.43 from current levels would entail a rally of about 0.8%.
Source: CoinCodex
Also Read: Solana Daily Wallet Count Spikes: How High Can SOL Trade This Week?
Changelly also presents a similar forecast for Solana, predicting the asset to hit $178.53 on July 31, 2024. Changelly does not anticipate SOL to hit $1000 in 2024. The platform predicts SOL to hit a maximum price of $217.92 this year.
Telegaon is more bullish on Solana but does not expect the asset to hit $1000 anytime before 2030. The platform predicts SOL to hit a maximum price of $305.16 in 2024 and a maximum price of $414.68 next year.