Solana (SOL) Price Prediction: Can It Break $500?

Bittime - VanEck provided a Solana (SOL) price prediction that Solana price could reach $500 at the peak of the next bull market. 

This prediction certainly attracted the attention of investors and the crypto community. Read this article to find out the complete predictions!

VanEck Predicts Solana Price to Break $500

VanEck revealed that the crypto bull market is expected to reach a medium-term peak in the first quarter and set a new record in the fourth quarter of 2025. 

Based on these Solana price predictions, VanEck believes that Solana (SOL) could soar to the $500 level.

Technically, Solana has indeed shown a bullish price action pattern that has the potential to trigger a significant spike. If this scenario goes as predicted, the SOL price is expected to experience a major rally.

Read Also: Top 5 Trending Solana Coin Memes: There's BARSIK and PNUT

Solana Price Prediction: Important Breakout Level 

Technical analysis shows that SOL is currently undergoing consolidation for more than 3 weeks. 

The price pattern formed is flag-and-pole, a price action pattern that is often used by traders to build buying positions in various periods. However, SOL is still struggling to break through important resistance levels. 

According to the Solana price prediction, if SOL manages to break out and close the daily candle above the $236 level, there is a strong chance that the SOL price could surge up to 70% to the $415 level in the next few days.

Additionally, the Relative Strength Index (RSI) indicator for SOL is currently in the near oversold area, which indicates potential bullish momentum. 

However, this scenario will only be valid if SOL manages to break the $236 level. If not, Solana price predictions may be stuck in that range again.

Read Also: How to Use Solana Airdrop Checker

Solana Price Prediction:  81% of Traders are Optimistic 

The bullish sentiment on Solana is also reinforced by on-chain metrics. Based on data from analytics platform Coinglass, Binance's long/short ratio for the SOLUSDT pair currently stands at 4.28. 

This means that 81.05% of top traders on Binance hold long positions, while only 18.95% hold short positions.

This on-chain metric shows that the majority of traders have high confidence in SOL's price upside potential. The dominance of this bullish sentiment can be a positive catalyst to help Solana break through the bullish pattern that has formed.

Read Also: Solana Coin Price Prediction, Check Crypto Academy Analysis

Solana Price Prediction At the Moment

Source: Bittime.com

When this article was written, the price of SOL/USDT was around $217, experiencing a decline of 4.14% in the last 24 hours. 

SOL trading volume also fell by 24%, indicating slightly less participation from traders and investors compared to the previous day.

However, Solana's overall performance remains impressive. In the past month, SOL recorded an increase of around 38%, and became one of the best performing crypto assets on the market.

Read Also: This Solana Stablecoin Reaches 1 Billion Dollar Market Cap

Solana Price Prediction: Break $500 Before the End of the Year

So, Can Solana reach $500 before the end of the year? Several analysts provide Solana price predictions that this target can be achieved, especially if Solana adoption continues to increase and the crypto market bullish trend continues.

Sathvik Vishwanath, CEO of Unocoin, stated that if network growth and positive market trends are maintained, Solana has the potential to cross $500 by the end of 2024. 

Read Also: 5 Decentralized Exchange (DEX) Solana Teratas

Solana FAQs

What is Solana?

Solana is a blockchain designed to support DApps with high speed and low transaction fees. Its advantage lies in the consensus mechanism Proof-of-History (PoH) which allows the network to process up to thousands of transactions per second with high efficiency.

How many Rupiah is 1 SOL?

Currently, 1 SOL is worth IDR 3,498,777 based on the Bittime market. 

1 SOL How much is USD?

Currently, 1 SOL is worth $217 according to Coinmarketcap. 

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Reference

Chandan Gupta, Solana to $500? VanEck’s Bold Price Prediction for SOL, accessed December 16, 2024.

Techpoint Africa, Solana Price Prediction: Can SOL Surpass $500 Before Year-End?, accessed December 16, 2024.

Coinmarketcap, Coinmarketcap Currency Solana, accessed December 16, 2024.

Author: IPR