- CoinGecko predicts Solana could hit $593 if its market cap matches Ethereum’s.
- Peter Brandt forecasts a price surge for Solana, potentially exceeding $700 with a breakout.
- Solana’s TVL recovery and social presence signal growing demand and market strength.
CoinGecko, a crypto analytics platform, predicts Solana may soon experience a major price surge. The platform revealed that if Solana’s market cap equaled Ethereum’s, each SOL could theoretically be worth $593. This forecast is optimistic for SOL, as key technical indicators suggest the market is starting to rise.
As of press time, SOL is trading at $178, reflecting a 20.50% gain from its low of $141.50 in May. A bullish crossover between the 20-day and 50-day exponential moving averages (EMA) signals that upward momentum is building. This indicates that price growth may continue.
Peter Brandt’s Solana Analysis: Key “Cup & Handle” Targets $518, Could Hit $700 Long-Term
Analyst Peter Brandt believes Solana could rise sharply due to its weekly chart’s bullish cup and handle pattern. If the event occurs at $290, which represents the breakout along the pattern’s neckline, the price could reach $518. According to the analyst, the price may exceed $700 in the long term.
Solana’s TVL Recovery and Stablecoin Growth Add to Positive Picture
Solana’s Total Value Locked (TVL) almost reached $12 billion in January. Yet, geopolitics meant that Solana’s TVL went down from $7 billion to $6.6 billion during the first quarter. Sentiment in the market improved in Q2 and Solana’s TVL restored its value to $9.442 billion in May. The number of addresses which represent users, increased to 5.82 million in the second quarter.
While other markets struggled, the market cap of stablecoins remained unchanged. Even though the market has fluctuated, the revenues reached $11.54 billion in May. Despite market upheaval, the amount of stablecoins is on a steady increase.
Solana’s growing presence on social media is helping the cryptocurrency’s prospects, as more people are talking about it. As more people know about Solana, the community’s activity could boost the demand for the coin. So, growing interest could send the market price even higher.
Polymarket has seen the odds for Solana increase dramatically from 15% to 42%. The sudden rise is caused by investors becoming more confident about cryptocurrency’s performance.
Growing user numbers, signs of improving technology and confident investors all help drive Solana’s upward trend which could result in a surge in price. The platform is gaining strength, contributing more hope for its future. So, according to these positions, Solana looks set for fast and significant growth over the next period.
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