Analyst predicts significant growth of Solana cryptocurrency

A popular crypto analyst claims that Ethereum (ETH) rival Solana’s (SOL) nearly 45% drop from its 2024 high could prove to be the «opportunity of a lifetime» for long-term bulls.

Crypto trader Inmortal told his 212,400 followers on the social platform X that the Solana token is ready to erase most of its losses over the past few days. The analyst expects SOL to rise above $ 200: «An opportunity of a lifetime.»

Based on the trader’s chart, he initially predicted that SOL would fall to $ 115, which happened on Saturday. The token then reversed and climbed to its upside target. At the time of writing, SOL is trading at $ 135, down 12.4% over the past day.

According to Bluntz, Solana has ended its short-term bearish phase against the US dollar. The analyst emphasized that Solana has bottomed out at $ 162 and will now go «higher» after the completion of the three-wave bearish pattern.

The Solana network is currently experiencing challenges, facing constant congestion and transaction failures. SOL’s developers are already testing solutions that will potentially improve network performance and may restore investor confidence in Solana.