Joel Frank
SOL, the cryptocurrency that power’s the high-performance layer-1 Solana blockchain protocol, was last changing hands in the mid-$24.0s, having dipped just over 5% on Monday in tandem with a broader crypto market pullback. Broad downside in crypto markets and across risk assets in the traditional finance space is being triggered by caution ahead of a massive week of macro risk events, including Fed, ECB and BoE meetings plus US jobs, ISM and Consumer Confidence data.
SOL/USD’s latest pullback from the fresh multi-month highs it printed on Sunday in the $26.70s confirm its failure to break above the 200-Day Simple Moving Average. But the bulls should fear not, as Solana’s near-term technical outlook continues to look bright in wake of its recent stunning recovery from its post-FTX collapse lows last December.
The cryptocurrency continues to trade within the confines of an upwards trend channel that continues to point towards the likelihood of a break above the $26/27 resistance zone. This would open the door towards a rapid run higher towards the next major resistance area in around $39. Such a rally would also involve a break above a key downtrend that has been in play since May, which could open the door to a test of last summer’s highs around $49.
Crypto Experts Give Their SOL Price Predictions
Popular crypto trader and analyst Mind Math Money agrees with the above analysis that a clean break above the $26/27 resistance area would open the door to a swift run higher towards $39 resistance, given the lack of major resistance levels in between.
The popular technical analysts warned about the risk of a short-term dip lower again towards the key $19 support area, but then outlined his longer-term upside target for SOL to rally towards $60, the highs from mid-May 2022.
Elsewhere, according to a recent survey of fintech experts conducted by Finder.com, Walker Holmes, the co-founder and vice president of MetaTope, thinks SOL will reach $100 in 2025 before rallying to $150 in 2030. Holmes thinks the centralization of Solana’s blockchain, particularly versus peers like Ethereum, is the cryptocurrency’s main hurdle.
“Solana hosts over 30% of all its nodes on AWS,” Holmes points out, noting that “this does not scale… this is not secure”. “I hope the community can work together to solve problems related to centralization in the Solana network and allow the network to evolve in a sustainable way,” Holmes added.
Separately, Seasonal Tokens founder Ruadhan O gives a more pessimistic long-term Solana outlook. The Solana ecosystem will continue to grow until 2025, he thinks, “but will lose market share to Ethereum after Ethereum’s transaction fees decrease”. He thinks that the cryptocurrency’s ecosystem will have largely stagnated by 2030, unless there are “major technological or economic changes to the Solana system”.
Is It Too Late to Buy Solana (SOL)?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If you deem SOL as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
Related Articles
- Here’s All the Reasons Why Solana is Not Dead and Has a Great Future Ahead
- Where to Buy Solana Coin – Beginner’s Guide
- Is Solana Price A Buy After Dipping 5% to $23.31 or Will it Retrace Lower?
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This article was written for Business 2 Community by Joel Frank.
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