Is Solana’s (SOL) Price About to Surge by 20%? This Analyst Chips in


    SOL has risen 10% over the week, with analysts divided on its future: some predict a rise above $113, while others foresee a drop to the low $70s.
    Solana-based meme coins, including Wen (WEN), Bonk Inu (BONK), and dogwifhat (WIF), have seen significant surges, with WEN hitting an all-time high after a recent airdrop.

Could SOL Jump Above $110?

Solana’s SOL is among the few leading cryptocurrencies whose price has been in the green in the past week. Currently, it trades at around $98 (per CoinGecko’s data), representing a 10% increase on a seven-day scale. 

Some experts believe the token could be poised for a further rally, with the popular X (Twitter) user Ali being one example.

He presented a chart in which SOL seems to be “breaking out” from a certain descending parallel channel. The analyst claimed that holding above the $94 mark could lead to a price appreciation toward $113.

The X user Bluntz also chipped in recently, although outlining a more bearish future for the asset. The analyst thinks SOL has charted a specific trajectory called the “B wave triangle,” indicating a possible plunge to the “low 70s.”

The pattern is one of the stages in the Elliott Wave Theory and occurs during the correction phase. In the “B wave triangle,” the value of a certain cryptocurrency creates a series of lower highs and higher lows and suggests a period of consolidation before making a significant move in any direction. 

However, Bluntz remains unfazed by the possible slump, seeing it as a buy-the-dip opportunity. Those curious to explore additional SOL forecasts can take a look at our dedicated video below:

Solana Meme Coins are in the Spotlight

SOL might be up “just” 10% in the past week, but some Solana-based meme coins have made the headlines with astronomical surges lately. The latest sensation seems to be Wen (WEN), which soared to an all-time high today (January 29) following an airdrop from the decentralized exchange Jupiter. 

Bonk Inu (BONK) and dogwifhat (WIF) have also been quite successful, with their prices peaking to record levels after listings on major cryptocurrency exchanges, such as Binance.

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2024-01-29 17:54