Following a recent price increase reaching $140 after dropping to $126, investor sentiment towards Solana is at a five-month low. This raises questions about potential buying opportunities for new investors or the likelihood of the price dropping below $100 for the first time since January 2024.

Exploring the potential trajectory of Solana!

Expert Predictions on SOL Price

Solana has witnessed significant price fluctuations recently, with rapid declines followed by recoveries. In just 24 hours, Solana re-entered the top 5 cryptocurrencies by market capitalization, with a market cap of about $62.9 billion and a price of $140.75. However, the price still remains below its previous peak of $155.48.

In April, Solana experienced a notable 30% price decline, which some predict could lead to a bullish trend, signaling the end of the recent downturn.

Despite setbacks, industry figures, and influencers like Arthur Hayes, Austin Arnold, and James, remain optimistic about Solana's future. Predictions suggest a surge in the token's value, with some projecting it to reach $360 and capture over 3% of the total cryptocurrency market capitalization.

Technical Analysis for SOL Price Movement

Technical analysis of Solana's price movements indicates a promising pattern known as a rounding bottom, suggesting a potential upward trend. The increase in investor interest may drive Solana's price higher. Solana is approaching a resistance level of $151.76, and continued trend could lead to a recovery towards $170.

Factors Driving the Price Surge

Recent network updates like the Anza update have enhanced Solana's resilience and growth potential by addressing network congestion issues and improving overall performance. While Anza is a significant improvement, further updates like V1.18 are expected to bring more enhancements.

Solana's ability to withstand market volatility and its quick recovery rate positions it as a top cryptocurrency. With consistent network improvements and positive outlook from analysts and influencers, Solana appears poised for continuous growth. Events like the Bitcoin split may also impact Solana's price, potentially driving it to new all-time highs.