Solana (SOL), a popular cryptocurrency often referred to as the “Ethereum killer,” has been making waves in the crypto market. A pseudonymous crypto analyst recently predicted that Solana could reach all-time highs of $360 by early 2025. This forecast has caught the attention of investors and crypto enthusiasts alike.
The analyst, known as Inmortal, shared a chart on social media platform X, showcasing the potential price trajectory of Solana. According to the chart, Solana might climb to approximately $100 by the end of this year, $200 by September 2024, and ultimately reach $360 by 2025. This projection suggests a remarkable 462% increase in its price.
Inmortal’s optimistic outlook on Solana’s price is based on the cryptocurrency’s growing popularity and its potential to rival Ethereum. Solana has gained significant traction in the crypto market due to its fast transaction speeds and low fees, which have made it an attractive alternative to Ethereum for developers and users.
Currently, Solana is trading at $64.81, experiencing a 4% surge in the last 24 hours. However, it is still far from its all-time high of $260, which was reached in November 2021. The recent price increase and the analyst’s prediction have sparked excitement among investors who are closely monitoring Solana’s performance.
While Inmortal’s prediction paints a positive picture for Solana, another analyst named Ali has a more cautious stance. Ali suggests that Solana is at risk of a price correction, pointing to sell signals on the weekly chart and an overbought RSI (Relative Strength Index). Ali believes that a spike in profit-taking could trigger a retracement to $47.6.
To avoid a potential downturn in price, Ali suggests that Solana would need to print a weekly candlestick close above $68.4 and aim for $108. This analysis highlights the need for careful monitoring of Solana’s market trends and the importance of considering multiple perspectives when making investment decisions.
The recent attention on Solana is not without reason. In November, Cathie Wood, CEO of ARK Invest, praised Solana for its speed and cost-effectiveness, stating that it outperforms both Bitcoin and Ethereum in these aspects. This endorsement from a prominent figure in the investment world has further boosted Solana’s reputation and attracted more attention to the cryptocurrency.
As the crypto market continues to evolve and new technologies emerge, it is essential for investors to stay informed and consider different perspectives when evaluating potential investments. While Inmortal’s prediction of Solana reaching $360 by 2025 is exciting, it is crucial to approach such forecasts with caution and conduct thorough research before making any investment decisions.
In conclusion, Solana’s recent price surge and the optimistic prediction of it reaching all-time highs of $360 by 2025 have captivated the attention of crypto enthusiasts. However, it is important to consider different perspectives, such as the potential for a price correction, before making any investment decisions. As the crypto market remains highly volatile, investors should exercise caution and conduct thorough research before entering any positions.
