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Solana (SOL), one of the leading cryptocurrencies by market capitalization, has recently shown signs of a potential price recovery after a bearish performance in August.
The asset, which saw a decline of almost 10% last week, is starting to regain momentum when it started in September. Solana has risen from a recent low of $124 to above $134 in early trading hours today, up 2.7% in the last 24 hours, and is now trading at $132.
Amid this recovery, renowned crypto analyst Javon Marks recently maintained a bullish view on Solana, with a long-standing target of $233.8 for the asset.
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Why is a $233 target in sight for Solana?
According to Marks, Solana is showing signs of a continued uptrend, with the price potentially rising to $233.8 and even higher if momentum continues.
The analyst’s projection that SOL will reach this point and beyond is based on a hidden bullish divergence pattern, which SOL has been trading in for some time.
Marks especially noted in the prediction post on X:
Our goal of $233.8 for SOL (Solana) has been holding at $16.12 since mid-2023, with prices subsequently showing an increase of around 1,203% towards its meeting. Now, with the pullback just below, this target remains unchanged while the breakout it puts into play continues to hold, and with bullish signals coming in, a climb of almost +72% to continue the process of achieving it that is in development could be, to complete.
The analyst further suggested that if Solana were to breach this price level of $233.8, it could see a further increase to $457, which represents an additional 93% increase.
SOL breakpoint approaches
In addition to Javon Marks’ price outlook, other analysts have also weighed in on Solana’s potential price movements, especially around the upcoming SOL Breakpoint event.
Crypto analyst Marty Party, in response to a post by another analyst named Sai on
Marty party noted: “Solana Breakpoint pump average is 62%. With SOL currently trading at $133, a 62% increase could push the price to $215.46.”
Sais after highlighted Solana’s pricing behavior before previous Breakpoint events. In 2021, Solana saw a 68% increase in prices leading up to the conference, followed by a 42% increase in 2022 and a 58% increase in 2023.
The Breakpoint event, which showcases the innovation and development of the Solana ecosystem, has historically captured the attention of investors and contributed to the price increases leading up to the event.
#Solana Breaking point in 16 days. Do you know how Solana price behaves before the breakpoint?
Price increase of 68% in 2021 before Breakpoint
Price increase of 42% in 2022 before Breakpoint
58% Price Increase in 2023 Before BreakpointFollow the
Thread
— Sai (@SaiPrathap846) September 4, 2024
This year’s Breakpoint event will take place on September 20 in Singapore, and excitement is already building in the Solana community.
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With only sixteen days to go, analysts like Sai expect a potential rally similar to previous years. Whether Solana can repeat the price gains of the past remains to be seen, but historical data and bullish technical signals indicate the possibility of significant upside.
Featured image created with DALL-E, Chart from TradingView