Crypto Pundit Forecasts $600 Price Target

In
recent
weeks,
Solana
(SOL),
the
5th
largest
cryptocurrency
on
the
market,
experienced
a
period
of
decline,
hitting
a
two-month
low
of
$121
on
Friday.
The
coin’s
value
struggled
to
break
above
the
$188
level
in
May,
resulting
in
a
continuous

downtrend

further
exacerbated
over
the
past
seven
days
with
the
general
market’s
correction. 

However,
crypto
analyst
Jelle
has
sparked
optimism
by
suggesting
the
potential
for
substantial
gains
for
SOL
in
the
coming
months,
reminiscent
of
the
fabled
“Solana
Summer”
of
2021.

Analyst
Draws
Parallels
To
2021’s
“Solana
Summer” 

Jelle
took
to
social
media
to
share
an

analysis

of
SOL’s
price
action,
drawing
parallels
between
its
current
behavior
and
the
events
of
the
summer
of
2021.
The
analyst
noted
months
of
consolidation,
characterized
by
lower
highs
while
maintaining
support
above
the
$120
level. 

Jelle
emphasized
that
SOL
is
rebounding
from
the
weekly
Relative
Strength
Index
(RSI)
midlevel,
mirroring
the
pattern
observed
in
July
2021.
Encouraged
by
these
similarities,
Jelle
boldly
believed
in
Solana’s
future,
setting
a
target
of
$600
for
this

market
cycle.

During
the
Solana
Summer
of
2021,
the
price
of
SOL
more
than
tripled
between
July
and
November.
The
coin’s
market
capitalization
grew
significantly
from
a
pre-summer
low
of
$10
billion
to
an
impressive
high
of
$63
billion
by
the
end
of
the
year,
eventually
leading
the
SOL’s
price
to
its
current

all-time
high

of
$259.

Jelle’s
optimistic
outlook
implies
the
potential
for
even
greater
gains
this
time.
A
surge
from
the
current
trading
price
of
$141
to
$600
would
represent
a
remarkable
352%
increase,
surpassing
the
coin’s
current
value.

Nevertheless,
Solana
faces
immediate
resistance
just
above
its
current
trading
price
at
$143,
a
formidable
barrier
that
has
proven
challenging
for
the
token
over
the
past
six
days.

The
subsequent
targets
are
the
200-day
Exponential
Moving
Average
(EMA)
and
the
$150
resistance
level.
The

200-day
EMA

has
served
as
a
crucial
support
level
for
the
token
over
the
past
six
months,
contributing
to
its
price
appreciation
in
the
first
quarter
of
this
year,
reaching
a
yearly
high
of
$210
on
March
18.

Regaining
the
200-day
EMA
would
be
imperative
for
Solana
Bulls,
as
it
would
position
the
token
to
target
and
surpass
its
next
obstacle
at
$170.

Market
Cap
Sees
Double-Digit
Decline

Delving
into
key
financial
metrics
to
gauge
Solana’s
blockchain
performance
and
price
correlation,
Token
Terminal
data

shows
that
Solana’s
fully
diluted
market
capitalization
is
$80.78
billion.
However,
this
figure
represents
a
decline
of
11.9%
over
the
past
30
days.

The
circulating
market
capitalization
of
Solana,
which
considers
the
number
of
tokens
actively
trading
in
the
market,
currently
amounts
to
$64.54
billion.
Like
the
fully
diluted
market
cap,
this
metric
has
experienced
an
11.4%
decrease
in
value
over
the
past
30
days,
along
with
SOL’s
price.

However,
despite
the
recent
market
dip,
Solana’s
token

trading
volume

over
the
past
30
days
has
remained
relatively
stable,
with
a
trading
volume
of
$77.37
billion,
indicating
continued
interest
from
bullish
investors.

Featured
image
from
DALL-E,
chart
from
TradingView.com