Altcoins

Solana (SOL) Price To Hit $600 by January 2022 with 255% Upswing

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Dec 14, 2021

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Being the pack leader comes with a lot of targets on your back, and Solana appears to be one of them. Over the last 24 hours, the fifth-largest cryptocurrency by market capitalization has claimed another attack on its blockchain. Despite this, it was able to remain online throughout the event.

SOL price has lost 27% of its value in the last 30 days due to a series of technical attacks and network issues. The altcoin is currently trading for $155.47 down by 7.9% in the last 24 hours. Right now $150 is the major support from here, a stoop below can push the prices steeper.

Bullish Predictions for SOL Price

Solana (SOL), an Ethereum competitor and smart contract platform, may be poised for a significant rally by early 2022, according to crypto market Kraken.

According to a recent report from Kraken, Solana has been trading within a large bullish trend that dates back to 2020. 

Solana’s corrective dip from its all-time high of roughly $260, puts the Ethereum competitor in a position to start the second leg of its bull cycle. 

The report says, the fourth-placed crypto-asset appears to be in the early stages of its fourth price discovery wave. As a result, it appears to be in the early stages of the fourth wave of price discovery, which could extend the wedge pattern.

Solana’s recent fall can be considered as a bullish indicator, as backtesting of the diagonal support could indicate that SOL is preparing for a rally.

“The bounce could be interpreted by many as not only just ‘bullish,’ but also a sign that a test of the wedge’s resistance could follow in the month(s) ahead.” 

An extended consolidation period is bullish for SOL, according to the research.

The report explains that as with many other chart patterns, the longer SOL continues to trend higher while simultaneously maintaining the wedge’s uptrend line as support, the higher SOL might go before cooling off and starting a downtrend. 

A rapid Solana recovery could push the large-cap cryptocurrency beyond $600 by January 2022. This implies a potential gain of nearly 255 percent from its present price of $169. 

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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