Solana blockchain’s native cryptocurrency, SOL, seems to be set for a rebound, given its recent market outlook. Su Zhu, the cofounder of Three Arrows Capital (3AC), highlighted the potential for SOL in an X post.
Su Zhu’s prediction ahead of Breakpoint event
Zhu predicted Solana’s price might surge as it approaches the Breakpoint event. For context, the Breakpoint event is a conference organized annually by Solana to discuss new developments in the ecosystem and chart new paths for the future.
The yearly event attracts the attention of developers, investors and other notable stakeholders in the crypto community.
Zhu’s optimism that SOL will rise hinges on the community’s increased anticipation of likely partnerships and significant announcements that characterize the event. Notably, in the past, Zhu has observed a trend in the price performance of SOL around the Breakpoint event, hence, his speculation that this will continue.
However, Zhu’s statement, “Let’s see,” introduces uncertainty to his prediction. Given market volatility and the general bearish sentiment in the crypto space, Zhu’s caution is understandable.
Technical backing for likely Solana upswing
Interestingly, Ali Martinez, an on-chain analyst, has used the TD Sequential indicator for SOL since April to forecast a potential price increase. Notably, the TD Sequential helps identify possible turning points in an asset’s price and can indicate when the price will likely reverse after a trend.
Martinez maintains that if SOL follows the indicator’s daily chart nudging, its price might rebound from the lower support level and climb upward. The analyst foresees Solana’s price increasing, with likely targets set between $154 and $187.
Nevertheless, all these predictions and speculations on the price of SOL will largely depend on different market forces and sentiments. For instance, positive sentiment about a Solana ETF debut in 2025 has caused a spike in certain metrics for SOL before now.
According to CoinMarketCap data, SOL traded by 2.71% to $128.86 in the last 24 hours, an indication of an extended drawdown over the past month.
Conclusion
In conclusion, the potential for Solana’s native cryptocurrency, SOL, to experience a price rebound is supported by various expert predictions and technical indicators. The anticipation surrounding the upcoming Breakpoint event, as highlighted by Su Zhu, adds to the positive sentiment towards SOL. Additionally, the technical analysis done by Ali Martinez suggests a potential price increase for SOL in the near future. However, as with any investment in the crypto space, these predictions are subject to market forces and sentiment changes.
For more trending news articles like this, make sure to check out DeFi Daily News for the latest updates in the world of decentralized finance!
