Solana: Will SOL Reach $200 in September?
Solana SOL has had one of the best 2024s in all of cryptocurrency. It is the only altcoin in the top 10 cryptocurrency list to surge nearly 700% in the last 365 days. SOL outperformed Cardano ADA, Ripple XRP, and VeChain VET this year, delivering massive returns to investors. After Bears brought the asset down a peg in August, there is a bullish belief that the asset will rebound dramatically in September. Could Bulls drive SOL to $200 not just by the end of the year, but by the end of next month?
At press time, Solana’s SOL is trading at $154.54. It’s down in 24 hours, but thanks to a weekend rise, it’s up 7% in the last seven days. Looking at SOl over the past 1-year shows Solana sustainably scaling up in the indices with minute dips. It quickly recovered from every fall, only to rise harder, showing strong investor support for the currency.
Some market analysts see the $200 mark as very achievable in the coming month. Analyst Ali Martinez took to X and forecasted that Solana could be gearing up for another rally, explaining that its technical patterns are bullish. Martinez revealed that SOL is potentially printing an Adam and Eve pattern in the charts, which could drive its price up. According to the analyst, the next target is beyond $200, indeed approaching $220. “Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we could see a 33% surge toward $220!” Martinez wrote.
This is an uptick and a return on investment (ROI) of approximately 38%. If the forecast turns out to be accurate, an investment of $1,000 today could turn into $1,380. While the forecast isn’t necessarily impossible, it would be a tough feat to achieve. Solana has a long way to go after falling 15% in the past month.
Also Read: Solana: Can $1000 Worth Of SOL Become $1 Million in 2030?
September could bode very well for Solana for multiple reasons that each go hand in hand. For one, the Fed is expected to cut interest rates in the US for the first time in over a year. The inflation battle is finally on the mend, and a rate cut could prove bullish for the entire crypto market. The stock market would also likely benefit from the rate cuts, which could drive cryptocurrencies like Bitcoin and Solana further. If Bitcoin performs well, SOL likely will as well. Therefore, September could be a bullish month for the Solana Network’s native cryptocurrency and even its meme coins.
There is no guarantee that SOL could spike 38% and hit $220 in the coming weeks. It is advised to do thorough research before investing in SOL.