Solana: After Hitting Rock Bottom, A Rebound To 340 Dollars?

Solana has almost hit rock bottom at 190 dollars per coin. A drop that would have shaken many, but the crypto with a vaguely psychedelic logo seems ready to bounce back. Some experts believe it could follow the same pattern as Ethereum’s rise in 2024. Can we imagine a SOL at 340 dollars? Not impossible, if we believe in the technical signals and the growing enthusiasm in the market.

The double bottom, a strong signal for Solana

The news on Solana: the SOL crypto seems to be playing the Ethereum’s part in 2024: a perfectly drawn double bottom on the charts. This technical pattern, identifiable by two distinct troughs around 190 dollars, is often synonymous with a bullish reversal.

• Key resistance: 210 dollars;
• First bullish targets: 230 dollars, 245 dollars;
• If the trend follows that of ETH, an 80% increase is possible, making a SOL worth 340 dollars.

Traders are already watching the breach of the 210 dollar mark.

According to analyst Profit Demon, Solana is currently forming a symmetrical triangle on the 4-hour time frame. If the price breaks through the resistance, a rise to 207, then 233 and 245 dollars could follow.

Conversely, a retreat below 190 dollars would question the bullish trend.

The technical indicators suggest a strong potential, but caution remains essential. Investors need to monitor market behavior, as history has shown, cryptos love to surprise.

A crypto market attentive to the adoption of SOL

Solana is not relying solely on technical analysis to regain its shine. Its adoption in payment systems and its integration into innovative financial products make it a serious alternative to Ethereum.

Pantera Capital, for example, sees Solana as a blockchain tailored for the general public.

The Crypto Task Force, in collaboration with Jito Labs and Multicoin Capital, is working on the democratization of staking through Exchange Traded Products (ETP). These funds, allowing institutions to invest in crypto SOL without complicating their lives, could attract new capital and strengthen market stability.

Analyst Nield, for his part, remains vigilant:

” The price is returning to the support level. If it holds, a long trade towards 210 dollars is feasible. In case of a break, it’s better to wait for a reclaim of the level for more confirmation. ”

In other words, Solana must prove it has the solid shoulders to surpass its resistances and establish itself firmly at the top.

While some are already hoping for a SOL at 340 dollars, others are aiming even higher. VanEck predicts a Solana at 520 dollars by the end of 2025. A projection that is dreamlike, but relies on solid fundamentals: growing adoption, financial integration and, of course, a crypto market that has not said its last word.