Solana (SOL) has been heavily hit by the latest downtrend and has shed 15.3% of its value in the past 7 days as the market has taken a necessary breather following July’s strong rally.
Despite this latest downturn, analyst Ted Pillows, whose X account is followed by more than 190,000 users shared a bullish Solana price prediction that sees the token rising to $900 in the next few months after pulling back to $140.
Pillows emphasized that network activity is still strong within the Solana blockchain. On-chain data confirms this as monthly transactions in July exploded to a new 5-year record at 3.5 billion as per Artemis.
This represents a 67% jump compared to July 2024 and a 17% increase compared to June this year. The growing popularity of meme coins like Bonk (BONK), Pudgy Penguins (PENGU), and Fartcoin (FARTCOIN) have contributed to this remarkable surge.
Canary Capital’s progress in getting an exchange-traded fund (ETF) approved for PENGU helped catalyze a strong rally across Solana-based meme coins.
Finally, the launch of a Solana ETF by REX-Osprey that incorporated a staking feature also supports a bullish Solana price prediction as institutional and mainstream adoption could accelerate within the next few months.
Solana Price Prediction: SOL’s Pullback Could Deepen Before The Next Leg Up
Looking at SOL’s chart, we have seen a positive reaction in the price right after the $156 area was touched.
This is an interesting reaction to a key trend line support that confirms its relevance for market participants.
The Relative Strength Index (RSI) is currently standing below the mid-line and near oversold levels. Combined with a trend line support bounce, this favors a bullish short-term Solana price prediction.
All things considered, although a deeper drop could still occur, the token’s long-term prospects are quite promising amid this early indication of a bounce off this key line.
While a move to $900 may seem ambitious at the moment, it’s not out of reach.
If more SOL ETFs launch in the coming months, increased institutional exposure could push the price toward a new all-time high, and potentially much higher, by year-end.
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Click Here to Participate in the PresaleThe post Solana Price Prediction: Cup and Handle Pattern Confirmed – Final Dip Before $900 Target appeared first on Cryptonews.
