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Solana Soars 14%, Analyst Predicts $600 Target Based on Historical Trends

Arslan Butt•Thursday, February 29, 2024•2 min read

Solana (SOL) has experienced a significant price surge, rising over 14% in the past 24 hours and reaching $130. This uptrend coincides with a broader market rally led by Bitcoin, leading some analysts to predict further gains for SOL.

Analyst Bullish on SOL, Citing Historical Similarities to Ethereum

Independent market analyst Hansolar believes SOL could reach $600, drawing parallels between its current price movement and Ethereum’s (ETH) performance during the 2020-2021 bull run. Hansolar points out that ETH’s price surged significantly after Bitcoin reached new highs, and proposes a similar scenario for SOL, with its price potentially mirroring ETH’s historical trajectory.

He highlights that SOL is currently around 50% below its all-time high, mirroring ETH’s position before its substantial price increases in the previous cycle.

Solana Adoption Expands with Coca-Cola HBC Partnership

Coca-Cola HBC, a prominent bottler for Coca-Cola, is partnering with the Solana-based platform ALL.ART to implement blockchain technology for verifying employee qualifications. This collaboration utilizes NFTs on the Solana blockchain to ensure the authenticity and immutability of employee certificates within the Coca-Cola Digital Academy training program. This partnership marks another instance of Solana adoption within the Coca-Cola ecosystem, following an NFT collaboration with Coca-Cola Serbia in 2023.

Solana Price Surge Attributed to Memecoin Rally

SOL’s recent surge is partially attributed to a surge in purchases of dogwifhat (WIF), a memecoin built on the Solana blockchain. WIF has experienced a significant price increase, rising over 55% in the past 24 hours, potentially attracting broader interest in the Solana ecosystem.

Technical Analysis (SOL/USD)

Bullish indicators:

• Price action is currently above both the 50-day and 200-day moving averages, indicating an upward trend.
• The Relative Strength Index (RSI) is hovering around 81, suggesting the asset might be nearing overbought territory.

Resistance levels: The immediate resistance level lies around $135, followed by the psychological level of $150.

Support levels: The first support level sits around $120, followed by the recent low of $108.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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