Can Solana Price Rise To $300 In The Next 30 Days?

Solana has recoiled for two consecutive weeks after it soared to a record high on November 18. SOL still has strong fundamentals, helped by its popular meme coins and its DeFi performance. So, can Solana price jump to $300 in the next 30 days as some analysts predict?

Solana Price Could Soar To $300: Experts Forecast

Solana price has retreated to $235, a 10% drop from the year-to-date high. This decline happened after the coin rallied to a record high of $263. Still, analysts are optimistic that the coin will resume the uptrend, and possibly retest the key resistance point at $300, a 30% increase. 

In an X post, Cold Blooded Shiller, a popular analyst with over 310k followers, estimated that the coin would get to $300 sooner than most people expect, pointing to its strong performance of the renko chart. The Moon Show, another popular crypto pro, noted that the coin was forming a bullish breakout on the four-hour chart, pointing to a jump to $290.

Solana Price Forecast

Fundamentally, Solana is seeing strong traction because of its meme coins, which have a market cap of $20 billion. Its DEX volume and total value locked has also risen, making it one of the most popular chains.

SOL Price Technical Formations Point to A Bullish Breakout

The daily chart shows that Solana has all the ingredients to make a strong comeback in the next 30 days. It has already made a bullish breakout above the key resistance at $210, the highest level in March this year. Moving above that level was important because it signaled that there were adequate buyers in the market still.

Solana seems to be forming a bullish flag chart pattern. This pattern is characterized by a long vertical line and some consolidation at the top. An asset typically has a bullish breakout after the flag forms. 

SOL also seems to be about to form a break and retest pattern. This is a situation where an asset breaks above a key resistance – $210 in this case – and then retests it. In most cases, this pattern leads to a continuation of the original trend.

It is also worth noting that the ongoing pullback happened after Solana price crossed the psychologically important level of $250. It is common for assets to pull back when this happens. For example, Bitcoin has dropped to $98,000 after crossing the $100k milestone this week.

Solana Price

Therefore, there are rising odds that the value of SOL will rebound, and possibly get to the next psychological point at $300. 

Conversely, a drop below the key support at $193, which is slightly lower than the support at $210 will invalidate the bullish view. This price was also the highest swing on July 29. 

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.