Solana Poised for Breakout, Expert Predicts 5x Price Surge

Seasoned crypto traders forecast that the Solana price could surge from double the price to as much as five-fold. SOL holders keep their fingers crossed

Solana price has been stuck in a narrow consolidation range lately, which has attracted the attention of market analysts. Based on technical analysis of the price movement, an analyst named Edward predicted that the price of SOL could increase by 2x to 5x by 2025.

According to the analyst, although there is uncertainty of the price movement, a breakout from this range is expected and this will determine the next major trend. At the time of analysis, SOL price was fluctuating between $143.33 and $144.88, with an increase of 5.34%. Technical indicators and general market dynamics also support this price movement.

The analyst noted that SOL's horizontal movement formed a distinct trading range and the price repeatedly tested both support and resistance levels. Traders are now watching for a potential breakout to the upside or downside. Edward points out that SOL is trading below its 34- and 89-period exponential moving averages (EMAs), indicating a slight downtrend in the short term. However, if SOL breaks above these critical EMAs, there may be a change in market sentiment.

Edward outlines two possible scenarios: a bullish breakout above $144.70 could push SOL to the next resistance at $150.54, while a bearish break below $143.33 would create a critical support zone to $137.25 may cause a withdrawal. Traders are watching these levels closely to determine the next significant move of the cryptocurrency.

Solana's Future Depends on US Elections, Analyst Claims

Although technical factors indicate the possibilities for SOL, broader market action can determine how the price of SOL moves. Geoff Kendrick, a market analyst from Standard Chartered, believes that the token could achieve significant gains with upcoming political events.

Kendrick predicts that if Donald Trump wins the 2024 United States presidential election, the SOL could rise as high as P0. He thinks there would be less crypto regulation under such an administration. Kendrick also notes that approval of a Solana spot ETF would increase demand and push prices even higher in the SOL ecosystem.

Crypto analyst MartyParty says this potential growth compares to Ethereum's previous performance. The analyst highlighted a fractal similarity between SOL's estimated trajectory for 2024 and Ethereum's trajectory in 2020.

Predicting that this pattern could lead to a significant increase in the value of Solana during the next major market cycle, MartyParty predicts that the coin could rise 3.2x to $600 during the next major market cycle.

Negative Sentiment Will Improve Solana Price, Says SentimentRegarding market sentiment, the coin price is struggling in the consolidation phase, while increased trading volume and Open Interest indicate a possible shift in SOL trajectory.

The dominant bearish sentiment in the broader market is adding to the uncertainty around the Solana price. According to a market intelligence platform, SOL price, like most leading cryptocurrencies, is suffering from a negative crowd sentiment.

Historically, assets whose sentiment declines usually recover later. According to sentiment data, the coin may be no different as its weighted sentiment score is -0.400815, indicating that a price recovery is likely to come.

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