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Solana (SOL), one of the leading cryptocurrencies by market capitalization, has recently shown signs of a potential price recovery after a bearish performance in August.
The asset, which saw a decline of nearly 10% last week, has started to regain momentum as September dawns. Solana has surged from a recent low of $124 to over $134 in early trading hours today, posting a 2.7% increase in the last 24 hours, now trading at $132.
Amid this rally, renowned crypto analyst Javon Marks recently maintained a bullish outlook on Solana, with a long-standing target of $233.8 for the asset.
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Why is a $233 target in sight for Solana?
According to Marks, Solana has shown signs of a continued uptrend, with its price potentially reaching $233.8 and even higher if the momentum continues.
The analyst’s projection that SOL would reach this mark and beyond is based on a hidden bullish divergence pattern, which SOL has been operating in for some time now.
Particularly noted notes in the prediction post on X:
Our goal of $233.8 for GROUND (Solana) has held since mid-2023 at $16.12, with prices rallying ~1,203% thereafter towards reaching that target. Now, with the pullback just below, that target remains unchanged as the breakout that puts it into play continues to hold, and with bullish signals coming in, a near +72% rally to complete that reach could be underway.
The analyst also suggested that if Solana breaks above this $233.8 price level, it could see a further rise towards $457, which represents an additional 93% increase.
SOL Breakpoint Approaches
In addition to Javon Marks’ price outlook, other analysts have weighed in on Solana’s potential price movements, particularly around the upcoming SOL Breakpoint event.
Crypto analyst Marty Party, responding to a post from another analyst named Sai on X, pointed out that historically, Solana’s price has seen significant gains leading up to this event.
Marty Party noted: “The average upside for Solana Breakpoint is 62%. With SOL currently trading at $133, a 62% increase could see it rise to $215.46.”
Sai job highlighted Solana’s price behavior ahead of previous Breakpoint events. In 2021, Solana saw a 68% price increase ahead of the conference, followed by a 42% increase in 2022 and a 58% increase in 2023.
The Breakpoint event, which showcases innovation and development in the Solana ecosystem, has historically attracted investor attention, contributing to price rallies ahead of the event.
#Solana Breakout point in 16 days. Do you know how Solana price behaves before the breakout point?
Prices to rise 68% in 2021 before breaking point
Prices to rise 42% in 2022 before breaking point
Prices to rise 58% in 2023 before breaking pointFollow the 🧵Thread 🧵 to make sure you don’t miss anything from 2024…
— Sai (@SaiPrathap846) September 4, 2024
This year’s Breakpoint event will take place on September 20 in Singapore, and excitement is already building in the Solana community.
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With just 16 days to go, analysts like Sai are anticipating a potential upside similar to that of previous years. It remains to be seen whether Solana can replicate its previous price gains, but historical data and bullish technical signals suggest the possibility of a significant upside move.
Featured image created with DALL-E, chart by TradingView
