Solana stabilized lately but the really important support level is $122.22. If this holds, it would turn into a triple bottom, a crucial pattern for 2024 and 2025.
In this short blog post, we look at the big picture of Solana (SOL) as well as its short term prospects.
We take a top down view (from big picture to short term) which is the only relevant analysis approach for any serious crypto investors.
TIP – We do not support short term viewpoints only, there is an abundance of this on X with the cashtag $SOL or short term trade ideas; our 10-year crypto experience has proven, over and over again, that a short term viewpoint only, without starting from the big picture view, is harmful.
Solana (SOL) price chart
First and foremost, we look at the long term SOL price chart, shown below.
The annotations are from InvestingHaven’s forecaster:
The whole point is that we are entering a volatility window, starting either August 2nd or 28th, 2024. This implies that bullish momentum will be contained in August 2024 and September 2024, according to cycle and timeline analysis.
In other words, if the support area on the chart (indicated with the box with annotation ‘buy’ which represents an anticipated ‘buy the dip’ area) holds, it will lead to a great outcome in 2025.
The ‘buy the dip’ area, aka support area, is a wide range between $69 and $122. We are not saying that $69 is the projected downside for SOL; what we are saying is that SOL is expected to drop to the aforementioned area.
In case the top of that support area will hold, particularly $122.22, it would be hugely bullish for 2025.
How bullish for 2025?
This is the viewpoint of InvestingHaven’s forecaster – source of this quote our Solana prediction research page:
InvestingHaven predicts that 2025 will be BULLISH for Solana. SOL is working on a a cup and handle pattern with resolution in 2025. SOL price targets in 2025 exceed $300, the most bullish targets are in the $500 to $1,000 area. Realistically, Solana can go as high as $650 in 2025.
Again, all of the ‘peak predictions’ numbers shown above assume, as a must-have condition, that the support area $69-$122 will be respected in 2024! If not, there will be bearish outcome, low probability but still a probability.
Solana (SOL) buy the dip level
A few days ago, we adjusted the specific support level on our Solana predictions page (link in the intro).
Solana’s 2024 buy the dip level: $122.22.
As seen, if we zoom into the Solana price chart, SOL is now in a ‘take profit’ area. If $122.22 would hold, in the volatile period August and September 2024, it would be the most bullish possible outcome!
According to our AI model, this is Solana’s predictive trading range 2024:
The latest predictive trading insights indicate this trading area for Solana in 2024: resistance at $240.16 and support at $141 with an average projected price of $190.38.
Interestingly, AI is a little more bullish than InvestingHaven’s forecaster.
In the coming days (ultimately 2 weeks), we will publish an update on the potential 100-bagger in the Solana ecosystem that we identified a few months ago in our premium research service. Follow our premium crypto research alerts >>
