In a YouTube video, Cheeky Crypto’s analyst presented an ambitious price prediction for Solana (SOL). The expert forecasts SOL could potentially reach $5,100, representing a 37.6x increase from its current position. He bases this prediction on technical analysis, market trends, and the potential impact of crypto ETFs.
What you'll learn 👉
Solana’s Technical Analysis and Price Predictions
Focusing on Solana’s weekly chart paired with USDT, the analyst identifies a current market correction. Cheeky Crypto expects this correction to bring SOL’s price down to the 50-week Simple Moving Average, around $90-$100. However, the expert believes this pullback will set the stage for a strong upward movement.
The analyst outlines several price targets for Solana:
$688 Target: Conservative Outlook
At $688, Solana would reach a market cap of $318 billion. This represents a 5.1x increase from its current position. The analyst considers this a realistic target, especially for early investors seeking decent returns.
$1,192 Target: Moderate Growth Scenario
Reaching $1,192 would push Solana’s market cap to $550 billion. This 8.8x increase is deemed achievable, particularly considering the expected growth of Bitcoin and Ethereum.
$2,399 Target: Ambitious Projection
A price of $2,399 would result in a $1.1 trillion market cap for Solana. This 17.7x increase is more speculative but could be driven by significant market events like the introduction of Solana-based ETFs.
$5,100 Target: Maximum Growth Scenario
The most ambitious target of $5,100 would give Solana a $2.3 trillion market cap. While this 37.6x increase seems extreme, the analyst doesn’t rule it out if the crypto market experiences massive inflows and ETF-related growth.
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Why Solana is Set for Growth
Cheeky Crypto highlights that Solana’s price is closely linked to the market movements of Bitcoin and Ethereum. If Bitcoin and Ethereum reach their forecasted highs, Solana could follow suit due to overall market momentum.
The potential introduction of Solana ETFs is considered a key factor that could drive Solana’s price to higher levels. This mirrors the impact seen from Bitcoin and Ethereum ETFs. Additionally, he expects the overall crypto market to grow, with major coins leading the charge, benefiting altcoins like Solana.
Cheeky Crypto’s analysis emphasizes long-term trends and larger movements in Solana’s price. The expert sees the expected correction towards the 50-week SMA as a healthy retracement before an upward move. The speaker anticipates that post-correction, Solana could have an explosive move upwards, targeting the higher price ranges mentioned.
Conclusion
Solana is a crypto with substantial growth potential, heavily influenced by the broader trends of Bitcoin and Ethereum. The analysis provides a range of price targets, from conservative to highly speculative, grounded in technical and market data.
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