Following recent market reversals, a crypto currency analyst has indicated that market corrections could signal a bullish moment for Solana.
Meanwhile, Solana has accompanied the recovery in cryptocurrency prices. In particular, the cryptocurrency has increased its price to $175 with a 4.4% gain in the last 24 hours.
So what do analysts expect in the next phase?
Solana (SOL) Ready for a Bull Run
Solana‘s recent price surge has encouraged crypto analysts to make long-term forecasts and predict that the asset is gearing up for an upward run. An analyst named Karl Kanne, in an article shared on platform X, mentioned that he expects more upward momentum following the asset’s recent correction.
According to Kanne, Solana has undergone a significant change in the last few days and could potentially lead to an upward run to as much as $300 by the end of the year. SOL‘s weekly reversal could be a catalyst for the asset to surpass its all-time high level.
Positive Momentum in Market Uncertainty
Following a few weeks of entry into the crypto market, investor confidence waned due to various factors, and cryptocurrencies experienced a correction mid-week. Specifically, most cryptocurrencies suffered losses on a weekly basis. However, Solana showed a slight recovery in the last 24 hours.
In the last 24 hours, SOL has regained the $175 mark, achieving significant gains. This positive momentum indicates the possibility of further growth, pointing to SOL’s potential to reach its all-time high level.
The Impact of Memecoins on Solana Prices
Meme coins have become popular among crypto asset users, contributing to the increase in Solana’s price in previous weeks. Meme coins such as BOOK OF MEME (BOME), Slerf, and Dogwifhat have seen significant inflows as users exchange tokens. These three assets managed to stay in the green zone in the last 24 hours.
Now it must be said that a challenging journey lies ahead for Solana in the coming time frames. The $200 level has been a significant resistance for SOL. If overcome, a journey towards $250 for the cryptocurrency will begin.
