Key Takeaways
- Solana’s price struggle continues as bulls defend price from trading below $180 key support.
- Solana’s market cap overtakes real-world asset Airbnb as crypto experts speculate a $1,000 price target.
- Solana (SOL) has a potential of 5.98x and a price target of $1,170 per SOL, compared to the Ethereum market cap at an all-time high.
The crypto market has witnessed different altcoins hit new highs, overtaking real-world assets such as Airbnb. Following the likes of Bitcoins, Solana has created new highs coupled with euphoria for these crypto assets as investors and traders speculate that the Solana (SOL) price could maintain its price momentum to $500.
Demonstrating such current price action for Solana (SOL) is not new after its price saw over 9,500% rally from a low of $10, highlighting Solana’s (SOL) price potential to rally beyond the current price and market cap in the coming weeks or months.
Sitting at the 5th market cap with over $94 billion in market cap compared to other top crypto assets like Ethereum (ETH), the price of Solana (SOL) has much room to grow in the coming bull run and huge potential to hit over 400% if its price were to compare with Ethereum.
Can Solana Reach $1,000?
Source – SOL Comparison With ETH From Marketcapof
According to marketcapof, the price of Solana (SOL) could hit a target price of $1,170, placing its market cap at around 5.98X times that of Ethereum. While such a rally from Solana is not unusual, this will require strong price volume and demand for SOL to achieve such a historical price target.
While the price speculation of SOL trading to a high of $1,000 persists, the price of SOL has demonstrated some strong price action, protecting its key support area of $180 as Solana bulls ensure the price maintains its uptrend price action for the coming weeks.
Market Price Action For Solana
Source – SOL 1D Price Chart From TradingView
Despite current market uncertainty, Solana’s price remains strong, above $180, which has created a cautious trading mindset for many. While the crypto market longs for strong volume to the upside to resume and for the likes of Solana (SOL) to resume their strong uptrend, current market action for Solana has been less promising as its price has failed to break above the key resistance of $210 and $220 respectively.
Solana’s (SOL) struggle to break these minor levels shows that Solana bulls need to put in more effort to trade above these points. This will give more room for price to trade to the upside and a potential rally to a high of $300 to $350.
If the price of Solana (SOL) breaks its 200-day EMA acting as resistance for price followed by a flip to the upside of the 50-day EMA, we could see some Solana firepower to the upside as the price could gain much dominance by the bull to rally SOL’s price towards $290 a previous all-time high.
Solana’s current market trend remains bullish. Price is expected to buy from its current price point to the upside until its key support of $180 is violated, which will invalidate the current price action for Solana.
