New Analysis Predicts Solana (SOL) to Hit $600 by 2022

Solana (SOL)- Best Crypto of 2021 By Its Massive Growth Rate
  • A new price discovery wave for the fourth crypto asset is underway.
  • Solana’s recent dip may be a bullish sign.

Solana seems to be facing one of the disadvantages of being the alpha dog. This is the fifth-largest cryptocurrency in market capitalization and has suffered another blockchain attack. Throughout the incident, the platform remained operational.

The SOL price has fallen by 27% in the last 30 days due to technical attacks and network issues. There has been a 9.1 percent drop in the cryptocurrency price in the last 24 hours. At the moment, $150 is major support, and a drop below that level might spur a price increase.

SOL/USDT: Source: TradingView

According to a new Kraken analysis, Solana (SOL), an Ethereum competitor and smart contract platform, may see significant growth as early as 2022. According to a recent Kraken research, Solana has been trading in a strong bullish trend since 2020.

All -set for Second Leg of its Cycle

Since Solana’s all-time high of over $260 was just corrected, SOL is in a strong position to begin the second leg of its cycle. According to the study, a new price discovery wave for the fourth crypto asset is underway. Wedge formation might continue for a little longer if the fourth wave of price discovery is just getting started.

Solana’s recent dip may be a bullish sign, as the diagonal support may have been retested, indicating a possible rebound. Data implies a longer period for consolidation for SOL.

The longer SOL holds the wedge’s uptrend line as support. The higher SOL may rise before cooling off and initiating a downtrend. Solana’s price might rise to $600 by January 2022 if it recovers rapidly. From its current price of $151, the stock has to gain nearly 400 percent.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.