Solana (SOL) is currently in dire straits, down 8.5% in the past week. The price is now around $138, raising concerns among investors. The pushback comes amid criticism over the alleged centralization of the network, voiced by Edward Snowden.
Still, analysts are divided on Solana’s future, with many still seeing potential for a strong share price increase. Can Solana bounce back and reach a new high?
Is there still hope for a new all-time high?
Despite the recent decline, analysts remain divided on Solana’s future. Dutch crypto analyst Jelle expects that Solana will soon be able to break out of the consolidation phase it has been in for months. He sees room for growth and predicts that the coin could even surpass the previous record high of $260 within three months.
Other experts, such as Conor Kenny and well-known crypto commentator Davinci Jeremie, are even more positive. They predict that Solana could reach a high of $1,000 in the long term, similar to the impressive rise seen in mid-2021. If this prediction comes true, it would represent an increase of almost 625% from the current price.
Can Solana reach $5,000?
Some analysts see even greater heights for Solana. InvestingScope predicts a price of $5,000 based on a parabolic breakout pattern visible on the weekly SOL/USD chart. If this pattern fully develops, Solana’s share price could rise by more than 3,000%.
Although this prediction sounds attractive, experts recommend staying realistic. Fundamental developments such as network adoption and strategic partnerships will be crucial to realize such valuations. It may take years for Solana to reach these extreme heights after further project maturity.
Source: https://newsbit.nl/crypto-analist-solana-zal-binnen-drie-maanden-de-260-bereiken/
