Solana Price Prediction: SOL Price Poised to Hit $360 This Year

The post Solana Price Prediction: SOL Price Poised to Hit $360 This Year appeared first on Coinpedia Fintech News

Recently, Solana’s price bounced back by 10%, reaching $140 on April 17th, following a drop to as low as $126 earlier. However, data indicates that investor optimism in Solana is currently at a five-month low. This raises questions about whether this presents a buying opportunity for new investors or if the price might fall below $100 for the first time since January 2024. 

Let’s explore where’s Solana heading!

SOL Price to Hit $360? Here’s Expert Projections

Solana has recently experienced massive fluctuations in its price action, showcasing both significant dips and quick recoveries. Within a mere 24-hour period, Solana climbed back into the top 5 cryptocurrencies by market capitalization, boasting a market cap of approximately $62.9 billion and a price tag of $140.75. However, it’s noteworthy that this price still lingers below its previous peak of $155.48.

During April, Solana met with a notable downturn, witnessing a staggering 30% price decline. Arthur Hayes predicts this could be a bullish push for Solana, signaling the end of the recent downturn.

Despite this setback, many industry figures, such as Arthur Hayes, and prominent influencers like Austin Arnold and James, remain optimistic about Solana’s future. They foresee a potential surge in the token’s value, with projections reaching as high as $360, and expectations of Solana capturing more than 3% of the total cryptocurrency market capitalization.

Technically Possible, If

Moving on to the technical part of Solana’s price movements reveals a promising pattern known as a rounding bottom, signaling a potential bullish reversal. This pattern suggests increased investor interest, which could increase Solana’s price. Solana is approaching a resistance level of around $151.76, and if the current trend persists, further recovery to around $170 could be anticipated.

Factor’s Fueling the Surge

Looking at the current price outlook, recent network updates have contributed to Solana’s resilience and potential for growth. Introducing the Anza update aims to address network congestion issues and enhance overall performance. While Anza represents a significant step forward, further improvements are expected in the following updates, such as V1.18.

Still, Solana’s ability to avoid market volatility and make quick recoveries shows that it is a top coin. With ongoing network improvements and a positive view from analysts and influential people, Solana looks like it will continue to grow. The price of Solana is also likely to be affected by events like the Bitcoin split, which could push it above all-time highs.