Crypto Analysts Predict $420 for Solana – Is This the Rally of the Year?

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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,...

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Last updated: 

December 9, 2024

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Solana has dipped by 4% in the past 24 hours, slipping to $226 after the market corrected following a strong end to last week.

While SOL is now basically flat in the past week, the alt is up by 12% in a month and by 200% in a year, with its momentum remaining solid.

And some analysts are arriving at bullish Solana price predictions, with one trader – @AltcoinGordon – setting $420 as “the next obvious target.”

Given Solana’s enviable fundamentals, and given that the bull market may still be warming up, this is a realistic goal, one SOL could certainly reach by the end of the year.

Crypto Analysts Predict $420 for Solana – Is This the Rally of the Year?

The underlying logic of AltcoinGordon’s prediction is that SOL has consolidated very firmly around its support level, which currently sits in the $225 region.

For him, $420 is an “obvious” goal, and in his chart below he actually annotates this price as SOL’s “first target.”

In other words, he seems highly confident that Solana will get somewhere near this level next year, with SOL’s recent price action supporting his bullishness.

Not only has Solana risen by 200% in a year, but it has also increased by just over 1,500% in two years.

By contrast, Bitcoin has gained by 470% in a two years while Ethereum is up by 200%.

This suggests that Solana enjoys stronger momentum than many other major tokens, including its biggest rival (Ethereum).

This is partly because it’s a newer token than many of its peers, yet it’s also arguably because its fundamentals are stronger.

It’s now the second-biggest layer-one network in the market in terms of TVL, which in its case has risen by 4,300% since the beginning of January 2023.

Christmas and 2025 Price Predictions

This is testament to its long-term growth, yet the coin is also looking good in the near term.

While it has dipped in the past day, it looks like it’s very close to hitting a bottom, from which it will bounce up soon.

Its relative strength index (purple) has dipped just below 30 in the past hour, indicating overselling.

We also see its 30-period average (orange) dipping below the 200-period average (blue).

This is usually a negative sign, in that it indicates further losses, but it also means that a given asset is close to hitting a bottom.

As such, we can expect Solana to return to $235 towards the end of the week, before gaining further strength as we near 2025.

It could end the year at around $250, while the inauguration of Donald Trump could help push it (and the wider market) to new highs.

Assuming the introduction of pro-crypto policies in the coming months, it could cross $300 by Q2 2025, and $350 by Q3.