Solana (SOL), a top-tier altcoin in the cryptocurrency industry, has recently been making waves due to significant wallet movements linked to the FTX exchange. Amid this chaos, SOL’s price took a slight dip, trading at $134.03, down by 0.26% over the past 24 hours. The token hit a daily high of $136 before falling to a low of $133, raising concerns about its short-term future.
Plummeting Volume Adds To Solana’s Woes
Alongside the drop in price, Solana’s daily trading volume took a massive hit. According to data from CoinMarketCap, the 24-hour trading volume plunged by 35%, landing at $1.31 billion. This sharp decrease in volume reflects waning investor interest and market activity, raising questions about SOL’s potential for a near-term recovery.
Despite these setbacks, market observers remain cautiously optimistic about the altcoin’s future, with some believing that the $200 milestone may not be entirely out of reach.
Can Solana Hit $200 Anytime Soon?
Solana has had an impressive track record, but the question remains: can it reclaim or even surpass the $200 mark? As of now, it seems the token may face a slow month ahead. According to data from Changelly, SOL is projected to hit a maximum price of $143 in September, a modest rise from its current price but still far from the $200 threshold.
To reach $200, Solana would need to see a 40% increase from its current position. While this is not impossible in the volatile crypto market, it would require significant momentum and favorable market conditions. Some analysts suggest that the $200 target may be an uphill battle, at least for the immediate future.
Historical Performance Suggests Potential
It’s worth noting that Solana hit an all-time high of $260 in November 2021, a price point that now seems like a distant memory. Currently, SOL is trading 48% below that peak, but its overall performance in the past year has been nothing short of remarkable. The altcoin has surged by a staggering 638% over the last 12 months, giving investors hope that a new all-time high could still be on the horizon.
One notable analyst, known as Curb, has pointed out that Solana’s price has been moving in a narrow range for around 170 days. This stagnation could indicate that a breakout is on the way. According to Curb, Solana could make a significant upward move soon, possibly surpassing expectations.
Also Read: Solana Surges 5% Despite FTX Wallet Unstaking $23.75M In SOL
If SOL were to replicate its past growth, a price of $1,000 is theoretically achievable, representing a nearly 600% gain from its current levels. However, such a dramatic surge would likely require a perfect storm of market conditions, including broader cryptocurrency adoption, increased network activity, and a favorable macroeconomic environment.
While Solana has demonstrated resilience and potential, the road to $200 remains uncertain. The recent drop in price and trading volume, combined with mixed forecasts, suggests that SOL may face a slow climb in the short term. However, its strong historical performance and the possibility of a delayed bullish breakout mean that Solana should not be counted out just yet. For now, the crypto community will be watching closely to see whether SOL can regain its momentum and achieve new highs in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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