As SOL retreats by 6% in the past 24 hours, a top-ranked trader at Bybit has shared a bullish Solana price prediction that could deliver sizable gains to those who take advantage of this dip.
Crypto trader Christiaan, a DeFi investor and official partner for the large crypto exchange, believes that Solana still has much more to give as this bullish cycle is only getting started.
In an X post he shared earlier this week, Christiaan sees an uptrend forming that could initially boost the price to $300 and then to $400+ after a brief pullback.
This means that SOL could soon make its second all-time high of this year, following the footsteps of Bitcoin (BTC) and officially kicking off altcoin season.
The passing of the Genius Act in the United States and Congress’s apparent willingness to also push forward another two key crypto bills have encouraged market participants to believe that this is the dawn of a new era for the industry.
Meanwhile, Solana meme coins have also been performing positively lately.
Pudgy Penguins (PENGU) is a remarkable example of this trend as the official meme coin of the NFT project has delivered gains of over 400% in the past 30 days.
Other tokens like Bonk (BONK) and Fartcoin (FARTCOIN) have also booked gains of 158% and 38% respectively, during this same period.
Solana Price Prediction: SOL Could Rise to $245 If This Key Support Holds
Looking at the daily chart, we can see that the price has encountered strong resistance upon hitting the $200 psychological threshold.
This is expected as early buyers may have set their take-profit orders at this price to cash out from SOL’s latest rally.
However, this doesn’t mean the uptrend is over.
A key support zone sits between $168 and $170 — a former resistance area that may now be flipping into strong support.
A decisive bounce from this level would reinforce a bullish Solana price prediction, with $200 as the first target, followed by $245, and eventually the long-term goal of $500.
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The post Solana Price Prediction: Analyst Calls for $500 Breakout – How Quickly Can it Happen? appeared first on Cryptonews.
