Market analysis indicates that the price of Solana (SOL) could reach $340 if the current bullish market structure continues.
Current Performance of Solana
Currently, Solana is trading at $168, after a 6.4% drop over the past week. This decline occurs amid overall cryptocurrency market volatility.
Predictions and Technical Analysis
Analysts suggest that Solana could double its price due to the formation of a bullish pattern that previously led to a 70% rally in 2024. Resistance levels at $177 and $189 need to be surpassed to confirm upward momentum. If positive momentum continues, there is potential for reaching a new all-time high of $340 as technical indicators favor bullish trends.
Development of the Solana Ecosystem
Recently, users from Ethereum and other platforms bridged over $200 million to the Solana network, indicating growing interest in decentralized finance (DeFi). The Phantom wallet expanded its services by acquiring Solsniper, reinforcing Solana's position as a platform for consumer finance solutions.
Considering the growing interest from investors and the enhancement of infrastructure, Solana stands a good chance to test price levels at $200 and $340.
