Key Insights
- •A top analyst's Solana price prediction suggests SOL could reach a new all-time high or fall to $50.
- •Solana's price action is entering a critical phase, consolidating within a symmetrical triangle pattern.
- •The Solana-based decentralized exchange Jupiter has launched a new prediction market powered by Kalshi.
Solana experienced a slight decrease on Tuesday, trading near the $185 mark. This dip from Monday's high of $194 reflects a broader cautious sentiment in the cryptocurrency market, with investors appearing hesitant due to ongoing macroeconomic uncertainties and a lack of new market catalysts.
Despite the current market tone, one prominent analyst has forecasted a significant upcoming move for Solana, predicting it could either surge to a new all-time high or plummet to $50.
Solana Price Prediction: A Defining Moment for SOL
Solana's remarkable ascent, which has seen it gain over 3,700% since December 2022, appears to be at a pivotal juncture. This current phase will determine whether the token embarks on a path towards new all-time highs or undergoes a substantial correction towards the $50 level.
On the weekly chart, SOL is currently positioned just below the $225 resistance zone. This level has consistently acted as a ceiling for bullish momentum since early 2024, with each attempt to surpass it being met with selling pressure, indicating significant supply in that area. A decisive close above this barrier could trigger a new upward trend, potentially paving the way for targets at $465 and even $1,000 in the longer term.
Conversely, if the bulls are unable to reclaim control, Solana faces the risk of retracing towards the support levels at $105 and $65. These zones previously served as important accumulation points. A breach below these levels could intensify the correction, with $50 emerging as a potential downside target.
The market currently seems to be in a state of observation.
Momentum has decelerated, and traders are assessing whether the recent pullback is a temporary pause before further gains or an early indicator of exhaustion following an impressive multi-year run.
As noted by @Ali_charts, the critical question now is whether Solana's next significant move will propel it to new record highs or lead to a substantial drop to levels seen in 2022, following its extraordinary rise.
Expert Analysis: SOL Volatility Contracting
Solana's price action is entering a decisive period as volatility continues to contract within a symmetrical triangle pattern. This type of consolidating structure often precedes a significant price movement, suggesting that traders are closely monitoring for the next breakout signal.
A chart provided by Four crypto Spaces illustrates Solana consolidating between converging trendlines, with the price compressing towards the apex of the triangle. This pattern typically indicates a temporary balance between buyers and sellers, awaiting fresh momentum to dictate the next direction.
The green-circled area on the chart highlights a potential breakout point where momentum could shift sharply in either direction.
Should bullish pressure re-emerge, the next logical target is near the $210 resistance zone. This level aligns with previous highs and represents a key psychological and technical barrier.
A strong breakout above this resistance could initiate a sustained upward trend.
On the other hand, a failure to maintain the ascending trendline support could delay any bullish continuation, potentially leading to a short-term pullback before another attempt at an upward move.
The current tightening range of Solana's price suggests significant underlying activity. Traders should pay close attention to trading volume and price action near the edges of the triangle. Once this pattern resolves, the subsequent price movement could be both rapid and decisive.
Jupiter, Solana-Based DEX, Launches Prediction Markets
Jupiter, a prominent decentralized exchange on the Solana network, has launched a new prediction market. The debut event for this platform is centered around the upcoming Formula One Mexico Grand Prix.
The Jupiter team has stated that the prediction market is powered by Kalshi, a significant platform in event-based trading. This new feature allows users to place wagers on potential outcomes of the race, including which driver is likely to secure the top position.
Participants have the opportunity to speculate on various drivers, including popular contenders like Max Verstappen, Lando Norris, Oscar Piastri, and George Russell, among others.
The Mexico Grand Prix is scheduled to take place on October 27, with the race commencing at 19:00 UTC. The event will consist of 71 laps, offering both traders and Formula One enthusiasts a chance to test their predictive abilities and market timing in real-time.