Solana reached a 3-month high

Cryptocurrency analysts have drawn attention to the growth of the token by Ukrainian developer Anatoliy Yakovenko — Solana has managed to reach a 3-month peak. According to experts, the price of SOL is currently in the process of breaking out of the inverted head-and-shoulders pattern.

Analysts known on Twitter remain positive about Solana’s price prospects. @Tradermayne believes that the asset has a chance to rise to $ 40, but his scenario is conditioned by the formation of a bullish weekly candle. @Rager and @DaanCrypto also emphasized the importance of the $ 38 horizontal resistance area. This area has been key since 2021 and has repeatedly provided SOL with both support and resistance.

At the time of writing, SOL is trading at $ 30.40, up 3.7% on the day, 34.5% on the week, and 56% on the month. @CryptoGodJohn believes that in the long run, Solana will reach $ 250 and $ 450 if the token’s market capitalization is equal to Ethereum.

Technical analysis of the daily timeframe shows that since February, SOL has been trading inside an inverted head and shoulders pattern. This pattern is considered a bullish pattern and usually leads to breakouts.

According to TradingView’s metrics, the vast majority of them signal further strengthening of SOL’s position. Given the favorable situation for the coin, Finbold analysts turned to the machine learning system from CoinCodex. According to the neural network’s forecasts, in mid-October 2024, Solana will be trading at $ 112.4, which is 318.3% higher than the current price level. At the same time, in October 2025, the asset will be around $ 64.15, which is 138.5% higher than the current price.