Digital asset markets have seen a significant downturn in May. In fact, Bitcoin has dropped to $57,000 and a number of other cryptocurrencies are also on the downturn. There’s still hope as one trader predicts that Solana (SOL), the cryptocurrency, will rise to $500 by this year.
Solana is one of those assets that has suffered a drop in value, with a loss exceeding 3% within the past 24 hours. According to, the losses also extend over the last thirty days. CoinMarketCap. Yet, one trader is optimistic that this asset could be on the verge of a huge turnaround.
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Solana predicts that Bitcoin will surge to $500 by 2024
It is only the fifth month in the year and the market for cryptocurrency has seen a lot of ups and downs. Bitcoin, for example, is an excellent demonstration of this volatility. It rose to $73,000 before falling to under $57,000 at the beginning of May. There is still optimism in the market, however. Many tokens seem to be preparing for a turn around.
Solana, for example (SOL), is expected to hit $500 in this year. Specifically, X (formerly Twitter) user Altcoin Sherpa SOL, he believes, is gearing up for a major surge in 2024. He also pointed out that SOL is preparing for a massive surge by the end of 2024. “next area of interest” For the token, it is $120.
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Solana’s stock is currently trading at $123 – a little above the mark. It is also down by more than 40% compared to its high for this year of $210, which was in March. While a $500 prediction is optimistic, this isn’t impossible. Investors in Solana are also interested in the possibility of assets dropping to just $120.
Solana has recently broken from its 98-day upward trending support line. Consequently, $122 has been a support horizontal since March. In total, altcoins may continue their decline. Support at $90 is likely to form as the summer months approach.
Most traders share a positive outlook, but it is grounded in the idea that the market may turn around. Most traders expected a decline following the Bitcoin Halving Event. They also predicted increases for the months of September and October. It is possible that Solana will experience an increase in price similar to the traders’ expectations.
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Source: watcher.guru
