Solana price has pared back some of the losses made on Monday when Bitcoin and most altcoins crashed. This rebound may continue, with some analysts predicting a surge to $500. A potential catalyst may be Andrew Tate, who will livestream a trading session on on-chain trading.
Andrew Tate Livestream Could Boost Solana Price
Andrew Tate, a popular provocateur with over 10 million followers an X, announced that he would livestream an on-chain trading session. He hit his target of having 5,000 retweets on his announcement post. The post had over 6,400 retweets, meaning that he will go live either on Tuesday or Wednesday.
The statement was part of his promotion of Photon, a blockchain platform that lets users snipe and sell Solana meme coins at superior speeds than other networks. Tate’s statement is important because of his popularity, especially among male audience. As such, there is a likelihood that some of these people will buy Solana or other ecosystem tokens ahead or during this livestream.
Crypto Analyst Sees SOL Price Hitting $500
Tate’s livestream happens as one analyst predicted that the Solana price will recover and hit $500 soon. He cited a three-day chart showing that the value of SOL often rises, pulls back, and then resumes the uptrend. It had now moved above the upper side of a descending trendline, which may lead to further gains, once it rises above this year’s high of $295.
Solana price was trading at $210 on Tuesday, meaning that it needs to rise by 138% to get to $500. While that is a big increase, SOL has a long record of making bigger moves. It has jumped by about 260% from its lowest level in January last year. Also, it has surged by over 2,200% from its 2023 lows, meaning that a 138% increase is possible.
Solana Price $500
Solana Price Technical Analysis: Key Levels To Watch
The weekly chart reveals that the SOL price has soared to over $200 after bottoming a $8.90 in 2023. It has formed a cup and handle pattern, a popular continuation sign, with the recent consolidation being part of the handle section. The depth of this cup is about 95%.
Therefore, measuring that distance from $260, the upper side of the cup, brings the coin’s target to $495, a few points below $500.
The first key Solana price value to watch is $285, the highest level this year. A rebound above that level will point to more gains, first to $300, then to $500.
The other SOL level to watch is $170, the lower side of the handle. A drop below that point will signal more downside, with the next target being at $110, its lowest point on August 5.
Solana Price Chart
Summary
Solana price has numerous catalysts that may push it much higher this year. There’s the Andrew Tate’s livestream, its meme coin market share, and the strong technicals, including the cup and handle pattern.
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