Solana (SOL) Forecasted To Hit $400: Here's When (2024)

Solana (SOL), a high-performance blockchain platform, is poised to reach new heights, according to a recent tweet by prominent analyst CryptoBullet.

The analyst’s medium-term scenario suggests that Solana has completed its motive wave (3) and is currently in the corrective Wave (4), setting the stage for a potential breakout to $400 or even $600 in the future.

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At the time of writing, SOL is trading at $145.25, up 8% in the last 24 hours. The cryptocurrency, on the other hand, has experienced a 17.7% decline over the past seven days and a 14.3% drop in the last 30 days. Despite the recent downtrend, CryptoBullet’s analysis indicates that Solana may be on the cusp of a significant price rally.

Solana Consolidation Period Before the Breakout

CryptoBullet’s tweet predicts a consolidation period for Solana between $100 and $200 over the next few months. This consolidation phase is part of the corrective wave (4), which follows the completion of the motive wave (3). During this time, SOL’s price may fluctuate within this range as the market stabilizes and gathers momentum for the next upward move.

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Once the consolidation period concludes, CryptoBullet predicts that Solana will embark on its final Wave (5), which could push the cryptocurrency to new all-time highs. The analyst suggests that SOL could reach a price range of $400 to $600 during this wave.

If Solana were to reach the lower end of this predicted range at $400, it would mark a 175% increase from its current price. Should SOL manage to hit the upper end of the range at $600, this would represent a 313% growth. These projections highlight the immense potential for Solana’s price appreciation in the coming months.