9 February 2024
Founder and Chief Executive Officer (CEO) of Evai Crypto Ratings, Matthew Dixon, has expressed optimism about the Solana future price outlook, projecting a new bullish target for the cryptocurrency.
CEO Predicts Bullish Outlook For Solana
In a recent post on X (formerly Twitter), Dixon shared a Solana and USD pair price chart originally published on TradingView, a crypto analysis platform. The crypto CEO indicated that the ongoing price correction for Solana, identified as “wave 4 (blue)” on the price chart, has not concluded and is expected to experience further declines.
He predicted that the ongoing wave 4 (blue) would reach a price level similar to Solana’s previous price correction, albeit to a lesser degree. The Evai CEO also anticipates that after the conclusion of the recent correction, Solana may experience a price rally once again.
Previously, Solana witnessed a major surge, nearly surpassing the $125 threshold. However, the cryptocurrency lost a substantial portion of its gains as the bullish hype faded, eventually settling below the $100 price mark at some point.
Additionally, on Tuesday, February 6, the Solana blockchain was temporarily halted due to an outage, resulting in no new blocks being produced for over 25 minutes. This unexpected disruption significantly impacted the overall sentiment of the cryptocurrency, causing slight declines in the price of SOL. Following this, a solution was coordinated among validators, and the network officially resumed operations.
Presenting another price chart for Solana, Dixon has projected a new upside target of $120 for the cryptocurrency. The crypto CEO has stated that despite the recent blackout, Solana has maintained both short-term and long-term positive prospects. Nonetheless, investors are advised to anticipate a potential mid-term price correction for the cryptocurrency.
SOL Price Surges Above $100 Mark
Reports from Santiment, a global market intelligence platform, have also indicated a bullish outlook for Solana. Earlier on Thursday, the crypto data platform disclosed on X that Solana is currently dominating the altcoin market and has become one of the few cryptocurrencies outperforming Bitcoin.
Santiment shared a price chart illustrating Solana’s recent price action, showcasing a robust climb over the past few days. According to their data, in the last 36 hours, Solana’s price relative to Bitcoin has increased by over 4.5%.
The cryptocurrency market intelligence platform disclosed that the outage earlier this week has instigated “Fear, Uncertainty and Doubt” (FUD) amongst investors, contributing to the current price rebound in Solana.
Solana rallied by almost 5% in the last day, and at the time of writing, the cryptocurrency is trading at a price of $105.46, reflecting a weekly increase of 4.39%, according to CoinMarketCap.