Solana (SOL) Analyst Predicts a Bullish \'Solana Summer\' as the Coin Rebounds from Key Support

In recent weeks, Solana (SOL), the 5th largest cryptocurrency on the market, experienced a period of decline, hitting a two-month low of $121 on Friday.

Solana (SOL) price analysis reveals a potential for significant上涨趋势 in the coming months, as suggested by crypto analyst Jelle. The analysis draws parallels between SOL’s current price action and the events of summer 2021, a period known as “Solana Summer.”

Jelle’s analysis highlights a period of consolidation, with lower highs and support above the $120 level. The analysis also notes SOL’s recovery from the weekly Relative Strength Index (RSI) midlevel, a pattern observed in July 2021.

Based on these similarities, Jelle predicts a target of $600 for SOL in this market cycle. During Solana Summer of 2021, SOL’s price increased more than threefold from July to November.

From a pre-summer market capitalization of $10 billion, the coin soared to a high of $63 billion by year-end, eventually leading SOL’s price to its current all-time high of $259.

Solana’s market capitalization fully diluted is $80.78 billion, a decrease of 11.9% in the last 30 days. Meanwhile, the circulating market capitalization stands at $64.54 billion, also showing a decline of 11.4% in the same period.

However, SOL’s token trading volume remained high over the past 30 days, with an average of $77.37 billion, indicating strong buying interest despite the recent market downturn.

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