Solana (SOL) recently reached a new all-time high (ATH) of $264, surpassing its 2021 peak of $260. Although the price has since retraced to $222, analysts predict a strong bullish trajectory toward the $300 mark.
Solana’s Path to a New Record
Over the past week, Solana caught the attention of both traders and investors by exceeding its previous ATH. While the rally temporarily lost steam after reaching $264, market sentiment remains optimistic. Many experts believe that Solana is positioned for further gains as it consolidates its price action.
Technical indicators suggest that the recent pullback is part of a healthy correction, setting the stage for a renewed upward trend. Analysts have highlighted that Solana’s current momentum could mirror its 2021 bull run, with some expecting it to breach the $300 milestone within the coming months.
NuriGG’s Bold Prediction: $294 Target
Prominent market analyst NuriGG, known for his insights on TradingView, is bullish on Solana. He revealed that he has taken a long position with a price target of $294.25, emphasizing that his strategy offers a compelling risk-to-reward ratio.
NuriGG identified a rising channel pattern on Solana’s 4-hour chart, which traditionally indicates bullish potential. His trade entry was at $230, with a stop-loss at $216.15, effectively limiting his downside risk.
The analyst expects a potential profit of approximately 28.49%, equating to $2,269.46 from his position of 19.455 SOL tokens. His total investment in the trade stands at $6,535, with a manageable risk of $750 if the stop-loss level is triggered.
Market Outlook for Solana
Solana’s impressive rally highlights its growing adoption and resilience within the cryptocurrency market. As more analysts and traders express confidence in its potential, Solana’s trajectory toward $300 could serve as a key milestone for the blockchain ecosystem.
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