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Solana (SOL), a dominant cryptocurrency by market capitalization, has recently shown promising signs of potential price recovery following a bearish performance in August. After experiencing nearly a 10% decline over the past week, Solana has started to regain momentum as we entered September. The asset has risen from a recent low of $124 to over $134 in early trading today, marking a 2.7% increase in the last 24 hours and currently trading at $132.
Amid this recovery, renowned crypto analyst Javon Marks has maintained a bullish outlook on Solana, with a long-standing target price of $233.8 for the asset.
Why Is A $233 Target in Sight For Solana?
According to Marks, Solana has displayed signs of a continued upward trend, with its price potentially climbing to $233.8 and even higher if the momentum persists. The analyst’s projection is based on a hidden bullish divergence pattern, which Solana has been trading within for quite some time.
Marks emphasized in a prediction post on X:
Our $233.8 Target for SOL (Solana) has been maintained since mid-2023 at $16.12, with prices seeing an approximately 1,203% climb afterward towards the meeting of it. Now, with the pullback just under, this target goes unchanged as the breakout bringing it into play continues to hold, and with bullish signals coming in, a nearly +72% climb to finish that process of meeting it could be in development.
The analyst further suggested that if Solana surpasses the $233.8 price level, it could potentially rise towards $457, representing an additional 93% increase.
SOL Breakpoint Approaches
In addition to Javon Marks’ bullish outlook, other analysts have also weighed in on Solana’s potential price movements, especially in relation to the upcoming SOL Breakpoint event. Crypto analyst Marty Party, responding to a post by another analyst named Sai on X, highlighted that historically, Solana’s price has seen significant gains leading up to this event.
Solana Breakpoint pump average is 62%. With SOL currently trading at $133, a 62% increase could push it to $215.46.
Sai’s post emphasized Solana’s price behavior before previous Breakpoint events. In 2021, Solana experienced a 68% price surge leading up to the conference, followed by a 42% rise in 2022, and a 58% increase in 2023.
The Breakpoint event, which showcases the Solana ecosystem’s innovation and development, has historically attracted significant investor attention, contributing to pre-event price rallies.
#Solana Breakpoint in 16 days. Do you know how the Solana price behaves before the breakpoint?
- 68% price surge in 2021 before Breakpoint
- 42% price surge in 2022 before Breakpoint
- 58% price surge in 2023 before Breakpoint
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This year, the Breakpoint event will take place on September 20th in Singapore, and excitement is already building within the Solana community. With only 16 days to go, analysts like Sai anticipate a potential rally similar to previous years. Whether Solana can replicate its past price surges remains to be seen, but historical data and bullish technical signals suggest the possibility of significant upward movement.
Conclusion
As Solana (SOL) shows signs of recovery and potential growth, the upcoming Breakpoint event could play a crucial role in driving its price forward. With analysts predicting significant gains, investors and enthusiasts are keenly watching the market for further developments. Stay informed and keep an eye on Solana’s price movements as we approach the Breakpoint event.
Featured image created with DALL-E, Chart from TradingView
