Could Solana Price Reach $500? Analysts Predict a Major Rally Ahead

Altcoins Price Prediction SOL

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Author

Simon Chandler

Author

Simon Chandler

About Author

Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

August 16, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The Solana price has risen by 1% in the past 24 hours, touching $144 as the crypto market as a whole dips by 1%.

SOL remains down by 9% in the past week and by 10.5% in the last 30 days, with the altcoin – the fifth-biggest coin in the market – standing on 500% gain in the past year.

This annual increase means it still has plenty of medium- and long-term momentum, with some analysts predicting that its underperformance in recent weeks is setting it up for a breakout towards $400 or $500.

This a best-case scenario, but with the market bracing for rate cuts in the next few weeks, the Solana price could begin a climb towards this target soon.

Could Solana Price Reach $500? Analysts Predict a Major Rally Ahead

Solana has been trading within an increasingly narrow range for nearly a week now, raising the probability of a big move.

Its indicators reflect its indecision, with its RSI (purple) hovering around the 50 level for a couple of days, equally capable of rising or falling.

Meanwhile, its 30-period moving average (orange) has been struggling below the 200-period average (blue) for over five days, again implying that a rally is overdue.

One bullish sign is that SOL’s resistance (red) and support (green) are now very close to each other, another portent of a potential breakout.

Analysts have been picking up on such signals recently, with X analyst Curb noting yesterday that the Solana price has been trading within a relatively narrow range for 170 days.

Again, this would mean that SOL should breakout soon, with Curb setting his sights very high.

A price of $1,000 would represent a nearly 600% gain from SOL’s current position, which considering that it’s already up by 500% in a year may be a big ask.

Still, there are two main factors which would suggest that the Solana price will rise strongly in the near future, with the main one being the coin’s fundamentals.

Solana remains the third-biggest layer-one network in terms of total value locked in, with its blockchain remaining hugely popular as a platform for launching meme tokens.

This usage stems from its scalability as a blockchain, with the likes of Visa and PayPal already using its network in some capacity.

As such, Solana has a bright future, while in the medium-term rate cuts will boost bullishness when they arrive in September.

This will help lift the Solana price up to $200 again by Q4, before ending the year at $250.

New High-Potential Meme Tokens with Strong Fundamentals

Most analysts continue to back Solana as one major token to watch for big gains, but it’s not the only coin in the market with good potential.

There are also numerous small-cap tokens that could do well in the near future, including several presale coins that have been generating lots of momentum.

For instance, Base Dawgz (DAWGZ) is a multi-chain meme coin that has raised close to $3 million in its popular token offering.

What’s interesting about DAWGZ is that it’s a very rare example of a multi-chain meme coin, with the token operating on Ethereum, Base, Solana, Avalanche, and BNB Chain.

While most meme coins run on only a single chain, DAWGZ will have much greater reach and accessibility, meaning that it could gain traction on multiple apps and platforms.

In other words, it will be exposed to a greater number of potential holders, with the coin’s choice of meme – a base-jumping Shiba Inu dog – doing a good job so far of attracting new converts.

Indeed, the coin now has over 5,000 followers on X, a sign of its potential growth.

Interested investors can get involved in its sale by going to the official Base Dawgz website, where they can buy the coin at a price of $0.007784 per token.

The coin comes with a max supply of 8.453 billion tokens, with 20% allocated to staking and 20% to the presale.

Its sale will end in the next couple of months, at which point it will list on exchanges, where the early signs suggest it could rally.

Buy DAWGZ Now