The Solana price has stabilized at $163 and is trading around $168, nearing a critical resistance level at $170. Despite recent fluctuations, analysts remain optimistic, with predictions of new all-time highs beyond its previous record of $259 from November 2021. Recent trading activity shows a 3% rebound, although volume has decreased.
Prominent analyst Byzantine General notes that buying interest at lower support levels persists, with traders seizing opportunities during short-term price dips. Captain Faibik anticipates a "bullish pennant" breakout, potentially driving Solana's price to $400 by the first quarter of 2025.
Market expert Crow foresees a 400% surge, projecting Solana could reach $800. This prediction considers Solana's historical price movements, including earlier phases ranging from $3 to $50 and subsequently from $25 to $250.
Despite bullish forecasts, acknowledging the potential for significant retracements is crucial. Previous bull cycles have seen over 20% declines, stressing the importance of identifying key support levels. Critical support zones have been identified at $160, with further support at $153, $145, and a strong baseline at $127, which has historically resisted further declines.
