20.07.2024

Solana is a 10x return investment sub $20, according to an analyst. Is this realistic?

Solana (SOL/USD) is one of those cryptocurrencies expected to rival Ethereum strongly. With the prospects, the Layer-1 blockchain was labelled the Ethereum killer. The label emanated from its similarities to Ethereum.

However, Solana was appreciated more for its faster transactions and lower costs.

However, a bearish cryptocurrency market and Solana-specific hacks continue to haunt the token. Consequently, the popularity of Solana for Web3 has been challenged by other blockchains. Recent tweets by NFT traders show many of them moving to Cardano from Solana after the Vasil upgrade. That has seen Cardano record increasing NFT volumes. We believe $26 is a realistic bottom next price target, suggesting a further drop below the current $29.

A pseudonymous crypto analyst is, however, expecting the altcoin to surge 900% or 10 times the current level. Let&s do simple maths. If SOL goes up 10 times from the $29 price, the token will hit $290. The highest price so far for SOL was $257 during the crypto boom last year. Consequently, the analyst predicts that SOL could move past its previous all-time high.

The analyst has nearly 185,000 Twitter followers, making him a popular personality among crypto fans. In his view, SOL&s range lows are approaching. He recommends his followers buy SOL, hold for two years, and watch their investment grow 10x+.

SOL loses the $30 support in a bear market

SOL&s technical outlook shows that the cryptocurrency has crashed below the $30 support.

The decline follows worsening crypto sentiment on expectations the Federal Reserve will hike rates in November. The MACD indicator is moving deeper into the bear zone.

Where next for SOL in a bear market?

A break below $30 makes SOL vulnerable to $26. The level is the lowest, which was reached in June. It means that once SOL makes the bear move, bulls could suddenly get interested at $26.

Whether SOL price jumps 10X depends on how much trust the blockchain builds once the bull market returns. If Solana remains the blockchain it was known for, then a move to the previous highs is possible. For now, key technical levels should remain our areas of interest.

Where to buy SOL

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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