Solana Skyrocket to $220? Analysts Predict a Major Price Surge Ahead

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Solana (SOL) is catching the attention of investors as it stands as the fifth-largest cryptocurrency with a market cap of $73 billion. Last month, it jumped an impressive 19% to reach $157.04, signaling strong buying power. Meanwhile, analyst RichRangatang has shared exciting news, he believes Solana could rise by 40% soon! Is a huge breakout on the horizon?

Key Signals Point to a Big Move

In a recent post on TradingView, RichRangatang pointed out some important signs on Solana’s weekly chart. He noticed that the Relative Strength Index (RSI) is aligning well with its moving average (RSI-MA14), and the Moving Average Convergence Divergence (MACD) just crossed above its signal line. These signals usually hint at a strong price rise ahead.

Currently, Solana is trying to break through a crucial resistance level. If successful, analysts believe the price could soar to around $220. 

As of now, Solana (SOL) is trading at around $156.4, making this a potential profit opportunity of 40% for investors.

However, the excitement isn’t limited to just Solana’s price. The entire Solana ecosystem is thriving, with many tokens showing impressive growth. 

Growth in the Solana Ecosystem

Tokens in the Solana ecosystem are also thriving. According to Solana Daily, various tokens connected to DeFi and decentralized exchanges are seeing major gains. For instance, the CROWN token skyrocketed by 103%, while Metaplex’s MPLX token increased by 55%, hitting a market cap of $462 million.

This growth across Solana’s network shows strong confidence from investors. As we move further into Q3 of 2024, all eyes are on Solana.

Bigger Goal For Solana

While RichRangatang’s target is exciting, other market analysts are more optimistic. InvestingScope, another well-known analyst, has set an ambitious price target of $5,000 for Solana. This bold prediction follows a recent market recovery, as Solana has rebounded by 22% from its lows in the past month.