Solana Price Recovery: Analyst Sets $27 Price Target for $SOL
Solana ($SOL) has recently been making efforts to regain its upward momentum in the cryptocurrency market despite the volatility. Caleb Franzen, Founder of Cubic Analytics, suggests a three-step strategy for Solana’s price recovery to reach $27 as it recently crossed $20 mark.
Solana Price To Reach $27
Caleb Franzen, the Founder of Cubic Analytics, has shared his thoughts on Solana ($SOL) through a tweet. In his analysis, Franzen suggests that Solana is gearing up for another attempt at upward movement in its price.
According to Franzen, there are three key steps that Solana needs to follow to achieve this potential price increase. Step 1 involves breaking the trend line, which typically signifies a shift in market sentiment. Once the trend line is broken, Step 2 suggests that SOL should utilize this newly established trend line as a support level. Finally, in Step 3, Franzen sets a target price of approximately $27 for Solana.
As of now, $SOL is priced at $21.79, marking a 4.49% increase. The market capitalization stands at $8,750,222,715. Considering the target set by Franzen, approximately a 23.88% increase is needed for Solana’s price to reach $27 from the current price.
Also Read: Top Coinbase Executives Dump COIN Shares, Will It Impact Stock Price?
Factors Impacting SOL Token Price
While it reached an all-time high of $260.06 on November 6, 2021, it has since declined by 91.56%. On the other hand, the all-time low of $0.5052, recorded on May 11, 2020, represents an impressive gain of 4242.71% since then.
The Solana ecosystem has faced recent challenges, including the U.S. Securities and Exchange Commission (SEC) filing multiple charges against the crypto exchange Binance, which includes Solana. However, positive developments, such as Drift Protocol’s unveiling of liquid staking for SOL tokens, have driven the price to $20.
Additionally, delisting from exchanges like Robinhood Markets and Celsius liquidating their crypto holdings may affect SOL tokens short-term performance.
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