Against the backdrop of the current state of the cryptocurrency market, experts suggest a potential rise in Solana's price ahead of the upcoming Breakpoint event.
Su Zhu's Prediction Ahead of Breakpoint Event
Su Zhu, cofounder of Three Arrows Capital (3AC), predicts a potential increase in the price of Solana (SOL) ahead of the annual Breakpoint conference. Breakpoint is an event organized by Solana to discuss new developments in the ecosystem and chart future paths. The event attracts the attention of developers, investors, and other notable stakeholders in the crypto community. Zhu expressed optimism about SOL's rise, citing the community's increased anticipation of likely partnerships and significant announcements that characterize the event. Notably, in the past, Zhu has observed a trend in SOL's price performance around the Breakpoint event, forming the basis for his current predictions. However, Zhu's statement "Let's see" adds uncertainty to his prediction, considering market volatility and the general bearish sentiment in the crypto space.
Technical Backing for Likely Solana Upswing
Interestingly, Ali Martinez, an on-chain analyst, has been using the TD Sequential indicator for SOL since April to forecast a potential price increase. This indicator helps identify possible turning points in an asset's price and can indicate when the price is likely to reverse after a trend. Martinez maintains that if SOL follows the indicator's daily chart nudging, its price might rebound from the lower support level and climb upward. The analyst foresees Solana's price increasing, with likely targets set between $154 and $187. However, all these predictions and speculations on SOL's price will largely depend on different market forces and sentiments. For instance, positive sentiment about a Solana ETF debut in 2025 has previously caused a spike in certain metrics for SOL.
Conclusion
According to CoinMarketCap, SOL traded up by 2.71% to $128.86 in the last 24 hours, indicating an extended drawdown over the past month. The future dynamics of Solana's price will depend on a combination of internal and external factors, new partnerships, and technological advancements.
Predictions about a possible rise in Solana's (SOL) price ahead of the Breakpoint event reflect the major market expectations. However, one should consider the volatility and uncertainty in the cryptocurrency market, which can significantly influence the price.
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