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Solana price prediction: Will SOL break out to hit $500 this cycle?
The post Solana price prediction: Will SOL break out to hit $500 this cycle? appeared on BitcoinEthereumNews.com. Indicators suggested that SOL looks almost certain to hit $334 for a start. The token’s correlation with ETH was negative, but with BTC, it was strong. For the last seven days, Solana’s [SOL] price struggled to produce an impressive run. According to data from CoinMarketCap, the price of SOL was $167.12 at press time. This was around the same value it was on the 25th of May. On a Year-To-Date (YTD) basis, SOL has increased by 52.63%. But it was nothing compared to the performance of the token in 2023. However, the recent underwhelming price action has not stopped Solana bulls from betting on an incredible rally. For most SOL holders, the price of the cryptocurrency would hit nothing less than $500 before the end of this cycle. SOL needs Bitcoin, not ETH But this same set also predicted that Solana would surpass its all-time high of $260 before the end of 2024’s first quarter. However, that did not happen as the closest SOL got to this target was $210 in March. AMBCrypto analyzed Solana’s price prediction from an on-chain perspective. First off, we looked at the correlation with Bitcoin [BTC], and with Ethereum [ETH]. According to data from Dune Analytics, SOL’s correlation with BTC was 0.83, indicating that the prices move in the same direction most times. Source: Dune Analytics For ETH, the reading was 0.10, suggesting a divergence between both cryptocurrencies. As such, if SOL were to hit $500 in the near time, BTC would have to increase past its all-time high. Another metric AMBCrypto looked at was social dominance. Social dominance shows the rate of discussion about a token when compared with other cryptocurrencies in the top 100. Has a good entry surfaced? According to data from Santiment, Solana’s social dominance was 4.938%. When compared to the…
The post Solana price prediction: Will SOL break out to hit $500 this cycle? appeared on BitcoinEthereumNews.com.
Indicators suggested that SOL looks almost certain to hit $334 for a start. The token’s correlation with ETH was negative, but with BTC, it was strong. For the last seven days, Solana’s [SOL] price struggled to produce an impressive run. According to data from CoinMarketCap, the price of SOL was $167.12 at press time. This was around the same value it was on the 25th of May. On a Year-To-Date (YTD) basis, SOL has increased by 52.63%. But it was nothing compared to the performance of the token in 2023. However, the recent underwhelming price action has not stopped Solana bulls from betting on an incredible rally. For most SOL holders, the price of the cryptocurrency would hit nothing less than $500 before the end of this cycle. SOL needs Bitcoin, not ETH But this same set also predicted that Solana would surpass its all-time high of $260 before the end of 2024’s first quarter. However, that did not happen as the closest SOL got to this target was $210 in March. AMBCrypto analyzed Solana’s price prediction from an on-chain perspective. First off, we looked at the correlation with Bitcoin [BTC], and with Ethereum [ETH]. According to data from Dune Analytics, SOL’s correlation with BTC was 0.83, indicating that the prices move in the same direction most times. Source: Dune Analytics For ETH, the reading was 0.10, suggesting a divergence between both cryptocurrencies. As such, if SOL were to hit $500 in the near time, BTC would have to increase past its all-time high. Another metric AMBCrypto looked at was social dominance. Social dominance shows the rate of discussion about a token when compared with other cryptocurrencies in the top 100. Has a good entry surfaced? According to data from Santiment, Solana’s social dominance was 4.938%. When compared to the…
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