Is it Too Late to Buy Solana? Crypto Experts Give Their SOL Price Predictions
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SOL, the native token that powers the Solana blockchain, was last trading a little over 1.0% lower on the day on Wednesday in the $13.20 area, having been as high as the $14.20 area earlier in the session. That still leaves the cryptocurrency up around 33% since the start of the week and around 66% higher versus its late 2022 lows around $8.0 per token. Price predictions have subsequently become more bullish.
The cryptocurrency’s latest surge has seen it blitz back to the north of its 21 and 50-Day Moving Averages at $11.60 and $12.75 respectively, with the bulls now eyeing a test of resistance in the $15 area. A break above this level could open the door to a long-term resistance in the $19 area.
For what its worth, cryptocurrency analyst Marzell thinks the SOL pump is likely now to reverse, and is targeting a retest of the $12.20, where he is looking to take profits on a recently implemented short position.
In light of Solana’s recent pump, which has a lot to do with the early success of a new Solana-based dog meme coin project called BONK, some investors might be asking whether its too late to buy Solana?
Did they miss the bottom? Have the easy gains all now been made? Is buying now a bad idea?
If Marzell is correct, then investors may get another opportunity to scoop up SOL tokens in the $12 area, suggesting it is not too late to buy SOL and it might be worth waiting a little.
But if the more bullish forecasts for the cryptocurrency are correct, then now might be the best time to get in, as waiting might see investors miss out on further potential gains.
One cryptocurrency community member predicted that Solana would hit $33 at best in the next six months, adding that “it’s looking like sideways chop all year” and “nothing is likely to break out”.