Despite a broader demand correction, Solana [SOL] has represented resilience by carrying its horizontal support level. This cost action has led to the creation of higher lows, providing a potential bullish trend.
Solana shows bullish trends
Prominent researcher Ali Martinez has shared his optimistic outlook for Solana on X (formerly Twitter). He explained that bitcoin’s present price actions were reminiscent of its behavior in 2021.
The Relative Strength Index (RSI) during both times displayed the same low levels before a important breakout. In mid-2021, this led to a surge in Solana’s price.
At press period, the RSI was at low levels once again, offering the possibility of an next bullish trend.
Martinez’s research, extrapolating from historical wars, projected a target cost of $950 for Solana. He emphasized that technical indicators, particularly in oversold situations, helped the likelihood of a bullish trend.
Raoul Pal’s forecasts for 2025
Raoul Pal, a founder of crypto space, has also expressed confidence in Solana’s future cost trajectory. Pal predicted an important price increase in 2025, basically during the anticipated “crypto summer.”
He thinked a 100% cost increase conservative, expecting a typical increase of around 300%, which would set Solana’s cost at approximately $600.
Pal further speculated that Solana could get $1,200 during a complete market cycle, with the potential to exceed $2,000. For a shorter cycle, he forecast a cost of around $750.
Present market performance and activity
As of press period, SOL was priced at $142.69, reflecting a 2.53% rise in the last 24 hours but a 3.45% fall over the past week. Solana’s trading volume over the past 24 hours holds at $3,767,161,926.
As earlier reported, Solana’s network activity significantly raised in the second quarter of 2024. Transaction fees and sales surged, exceeding $26 million—a 42-fold rise compared to the previous year.
Moreover, the total SOL trading volume reached a good $292 billion, almost seven times higher than the similar period in 2023.
This development is attributed to Solana’s increasing ecosystem and the introduction of the SOL ETF