Despite performing very well throughout July, Solana has continued its decline with a 9% drop this week, but experts are still tabbing SOL to hit $260 at some point. The token has certainly struggled to recover following the August 5th crypto market crash. Yet, many are confident in its continued ascent.
The crypto has fallen more than 11% in the last 30 days, according to CoinMarketCap. Moreover, its recent decline has it trading below the $140 mark. That is a far cry from its increase above $190 last month. Yet, all hope is certainly not lost for SOL this year.
Source – CoinLoan
Also Read: Solana Struggles Continue: Can Brazil’s SOL ETF Trigger $160 Target?
Despite Drop, Experts Forecast Historical 2024 for Solana
Solana has had a volatile few months. The cryptocurrency dominated July, reaching as high as $193, and sustaining at its highest level in more than four months. Yet, that has come and gone. Now, the crypto is looking to bounce back after a crash deterred its momentum.
And that bounce back is certainly possible. Despite Solana dropping 9% in the last seven days, crypto analysts say that SOL reaching $260 is still certainly a possibility. Indeed, analyst CryptoJelle took to X (formerly Twitter) to discuss why a breakout could still be on the cards.
“SOL is still one of the better-looking charts in crypto,” the pseudonymous trader said. “Sideways chop, just below all-time highs,” they added. “Locked in, send this beyond $260.” That would see the token eclipse its current all-time high of $259 set three years ago, according to CoinGecko.
Source: Decrypt
Also Read: Solana: How Bitcoin & Ethereum Can Carry SOL to $250 This Year
Solana has enjoyed some positive market developments to support such a surge. PayPal’s PUSUD stablecoin has thrived since transacting on the network. It became the sixth-largest stablecoin after the move. Moreover, there have been talks that a SOL ETF could be on the horizon.
Throughout this year, Solana has emerged as one of the crypto markets’ top three tokens. That kind of status should equate to rather impressive gains. The question is, can it reach landmark levels throughout this year? Although a trip above $260 may be in the future, it has a long way to go to regain the momentum it enjoyed during 2024’s first half.