With the token enjoying a rather impressive July, Solana is currently eyeing a $600 all-time high in 2024, according to one analyst who predicts a massive surge is coming. Indeed, SOL has slightly dipped over the last week while still ending the month in the green.
The last 30 days have seen Solana increase more than 22%, according to CoinMarketCap. Despite printing 0.46% gains in the last day, the token is still around the $180 mark. Yet, bullish momentum still has traders anxious for where SOL could go in August.
Source: Decrypt
Also Read: Solana (SOL): Bullish Price Outlook for 2024-2030 After SEC Decision
Solana Could Set $600 Record in 2024 as One Expert Says ‘Mania’ is Coming
After Bitcoin and Ethereum received ETF approval this year, many viewed Solana as the next in line. That hype drove the asset to impressive gains throughout the month. Although a lot of that anticipation has died down, the token is still in a great position heading into August.
Crypto analyst Jelle notes that Solana could be eyeing a new $600 high in 2024, forecasting a massive surge to hit SOL. That figure would be far greater than its current $260 all-time high set in 2021. Indeed, the expert took to X (formerly Twitter) to discuss the asset’s untapped potential.
“SOL broke out from the re-accumulation structure,” the analyst said. Moreover, they claimed the token “looks ripe to push higher.” If an increase comes to fruition, Jelle noted it “likely soon enters a mania-like state.” They concluded their analysis targeting a new high for SOL at the $600 mark.
Also Read: Solana Preps Return to $210 Yearly High as July Ends Up 26%
From Solana’s current level, that prediction is banking on a surge of more than 229%. The overall crypto market sentiment, and SOL’s perception to traders, should indicate whether or not thastr possible. At this moment, it looks like it could continue to drive a rally.
Not only has ETF hype driven SOL, but so too has a recent legal development. The US Securities and Exchange Commission (SEC) has recently filed an amendment in its case against Binance.
The filing says the agency will no longer seek to classify Solana, ADA, or others as securities. It looks to be a regulatory win in the short term. Although its status is still unclear, it has been viewed as a clear win for the market.