Will Solana Price Hit $300? Analyst Cites Key Factors as Potential Boosters

The crypto market witnessed a notable downtick at the end of October, likely fueled by pre-election uncertainty. As Bitcoin reverted from $70,000, most major altcoins, including SOL, are experiencing a stalled recovery momentum. However, crypto analysts highlight key factors that could boost Solana price for a rally to $300.

By press time, the SOL price trades at $176.58 with an intraday gain of $3.34. Consecutively, the market cap jumped to $82.92 Billion.

Will Solana Price Soar to $300? Analyst Outlines Key Catalysts for Growth

In a recent tweet, market analyst Eugene Ng Ah Sio accentuated a bullish stance on Solana by combining key broader markets and SOl’s technical outlook. As the crypto market shows a hesitant recovery ahead of the 2024 U.S. election, these key factors could notably impact the Solana price prediction.

1. Open Interest (OI) Reset: Eugene highlighted that the October market saw a substantial reduction in future Open Interest (OI), indicating a decrease in speculative long positions. This wipeout of speculative trades leaves sufficient room for a fresh wave of buyers after the election.
2. Pre-Election Market De-Risking: Analysts noted that market participants likely intended to de-risk closer to November 5, ahead of the U.S. elections. However, this process accelerated, providing clarity on the market’s positioning sooner than expected. Thus, the SOL could witness a temporary volatility or pullback to recuperate the bullish momentum. 
3. Solana as the Go-To Blockchain: Following the boom in AI meme coins, Solana has emerged as a favorite blockchain of choice for launching these assets.  With the latest examples for Goatseus Maximus (GOAT), these altcoins have boosted Solana’s network activity and adoption, consecutively bolstering SOL recovery.
4. Key Support: Eugene revealed that Solana’s price has recently flipped a 6-month resistance into potential support. This technical development signals strength, as SOL retesting this support could offer a suitable entry opportunity.

SOL Chart Analysis Hints 4% Surge Before Major Breakout

In the last two months, the Solana price showed a notable recovery from $120 to $175, registering a growth of 46%. As mentioned above, this recovery broke through a significant resistance trendline at $160, opening the path for further gains in the asset.

The daily bollinger band indicator challenging on the upside further indicates an active high momentum rally. With sustained buying, the SOL price could jump 4% before challenging the resistance trendline of the bull flag. 

Since March 2024, this chart pattern has driven a steady consolidation zone for buyers to replenish the bullish momentum. A potential breakout on the upside will further boost the buying pressure and push a rally to $275, followed by $375.

On the contrary, if the sellers continue to defend the overhead resistance, the Solana price could witness another reversal and an extended sideways trend.

Frequently Asked Questions (FAQs)

1. What Key Support Level Should Solana Traders Watch?

Eugene highlighted that Solana recently flipped a six-month resistance into potential support. This level serves as a key support zone, and if SOL retests this area successfully, it could offer an ideal entry opportunity for buyers, reinforcing the bullish trend

2. What Key Factors Could Help Solana Reach $300?

Analyst Eugene Ng Ah Sio highlights several factors, including an Open Interest (OI) reset, accelerated pre-election de-risking, and Solana’s popularity as a blockchain for AI meme coins. These elements could collectively boost Solana’s price trajectory toward the $300 mark.

3. What Are Solana’s Price Targets for the Near Term?

Analysts indicate that a sustained buying trend could push SOL towards a bull flag breakout, with potential price targets at $275 and $375 if the momentum continues

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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