The latest Solana price prediction for August 2024 is here, and experts predict a potential surge to $2,000 for SOL price in year ahead.
There’s no doubt – the Solana hype is real, with some betting on a climb to $2,000 by year’s end—à la Ethereum in 2020. Analysts are swarming with bullish predictions.
But let’s dig-in and break down what this could mean for those holding SOL.
Market Analysts Bullish on Solana Price in 2024
Solana price just took a hit today with a massive $2.8 million sell-off from one of its whales, but experts still believe it’s gearing up for something big.
Crypto analyst XForce is watching closely, predicting that Solana is about to enter a “wave 5” phase. If he’s right, we could be looking at a jump to $400-$500—a solid 250% rise from where it stands now.
$SOL
Primary Macro Analysis#Solana is creating pretty much in the same position as #Bitcoin, just on a different scale and fib confluence. I think we are still in a wave 4. Wave 5 target is going to be around $400-500. Note that wave Y can correct a tad deeper. pic.twitter.com/C2AzRFXRaV— XForceGlobal (@XForceGlobal) August 14, 2024
Another renowned analyst, Kaleo, throws down the gauntlet for SOL to $1,000, slightly underperforming Ethereum’s epic 2020. If Solana mirrors that, expect a cosmic payday.
Kaleo adds, “If SOL truly mirrors ETH’s 2020 performance, it could see a 1,400% increase, pushing its price beyond $2,000.”
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Key SOL Price Levels to Watch in August
Solana’s dance with Volatility is a masterclass in resilience. After dipping to $109 during a market-wide sell-off this month, it snapped back and is now holding steady between $140 and $150.
This rebound screams strong demand and bullish sentiment from investors.
Solana has consolidated between $120-$210 for ~170 days, bouncing between monthly support/resistance.
When this consolidation eventually breaks up, the move is going to be massive.
Expect a swift move up to ~$400-$500, before advancement to ~$800-$1k+.#SOLANA ⚡️ pic.twitter.com/rqMf6VJ7dM
— Curb◎ (@CryptoCurb) August 14, 2024
Since February, Solana’s macro uptrend has been relentless, even when Bitcoin and the market have had trouble.
For those eyeing higher price targets, several key levels lie ahead for Solana. Breaking through these resistance points could pave the way for further gains.
Immediate resistance at $153 and $163:
Overcoming these hurdles could set the stage for a move towards $183.
Psychologically significant $200 mark:
Successfully reaching $183 could make the $200 mark the next major milestone, especially if Solana can finally hold $200.
Conclusion: A Bright Future for Solana?
Solana’s energy is off the charts. Altogether, XForce hints at a 250% climb, while Kaleo’s calling for a 1,400% market move from here.
It’s important to keep those resistance levels in sight as we’re on the cusp of a big runup.
EXPLORE: 20 Next Cryptocurrencies to Explode in 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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