Solana Soars to 9-Month High Amid Broader Market Resurgence
Solana's native token has surged to a nine-month high after a 16% weekly pump, reaching near $120. This price increase is largely attributed to the broader market resurgence, with Bitcoin briefly soaring to $87,000.
The big question now is whether SOL will continue its ascent or experience a short-term correction. Most analysts support the bullish scenario, predicting that Solana could reach as high as $500.
Analysts have been weighing in on the matter, with some pointing to bullish setups and others highlighting technical patterns such as cup-and-handle formations. Veteran trader Peter Brandt believes he has spotted a textbook cup-and-handle pattern on Solana's chart.
Gerla also predicted that expansion is happening at a fast pace, setting $500 as a target for the asset. Meanwhile, X user Cup claimed that 'the altcoin breakout is here' and predicted SOL could explode to $450 amid this positive environment.