Is it Time to Buy Solana (SOL) Following the Recent Correction? This Trader Chips In
TL;DR
- Solana (SOL) has demonstrated strong recent performance, with analysts like CryptoJack predicting new peaks before the end of 2024.
- The growth of Solana has been accompanied by the success of various meme coins on its network, such as WIF, whose market cap briefly surged to nearly $5 billion.
SOL Bulls Predict Fresh Peaks
Despite being in the red today (May 8), Solana (SOL) has been among the best-performing cryptocurrencies lately, registering a 20% increase on a weekly scale. One analyst who noted its positive trend is the X user with hundreds of thousands of followers – CryptoJack.
He believes the token has formed “a rounding bottom pattern over many weeks” and is poised for a price explosion in the short term. Crypto Jack went on to admit he has entered a long position on SOL, expecting it to pump to an all-time high before the end of 2024.
The analyst using the X handle Inmortal outlined a bullish prediction, too, describing Solana’s cryptocurrency as “the fastest horse of the cycle.” The trader envisioned a new peak as early as this summer.
Crypto Tony was slightly less optimistic, forecasting a consolidation at around $137, followed by a resurgence above the $170 mark.
Those willing to explore additional Solana price predictions, feel free to check our dedicated video below:
Solana Meme Coins Have Turned Into Sensations
The success of Solana in the past year has coincided with the launch and subsequent price explosion of numerous meme coins built on its network. Some examples include dogwifhat (WIF), Bonk Inu (BONK), Book of Meme (BOME), Popcat (POPCAT), and many others that now stand among the top 10 assets in their realm.
WIF’s progress is undoubtedly most impressive. Its market capitalization exploded to almost $5 billion at the end of March before retracing to its current level of approximately $2.9 billion. The price is up the staggering 5,600% since December last year, bolstered by support from leading crypto exchanges, increased investor interest, backing from prominent figures, and other elements.
WIF has also built a solid community. Earlier this year, fans of the token raised $650,000 to put its logo on the Sphere – a famous entertainment arena in Las Vegas, Nevada.
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