CoinGecko Predicts Solana (SOL) May Soon Experience a Major Price Surge

CoinGecko, a crypto analytics platform, predicts Solana may soon experience a major price surge.

Crypto analytics platform CoinGecko predicts that Solana may soon experience a major price surge. The platform revealed that if Solana’s market cap equaled Ethereum’s, each SOL could theoretically be worth $593.

This forecast is optimistic for SOL, as key technical indicators suggest the market is starting to rise.

Did you know: If $SOL had the market cap of $ETH, 1 SOL would be worth $593? Optimistic price targets are being set for #Solana as the cryptocurrency continues to heat up.

According to crypto analytics platform CoinGecko, if Solana’s market cap equaled Ethereum’s, each SOL could theoretically be worth $593.

The post Solana (SOL) Could Soar 200% to Reach $593, Predicts CoinGecko appeared first on Chain Link.

As of press time, SOL is trading at $178, showing a 20.50% increase from its low of $141.50 in May. A bullish crossover between the 20-day and 50-day exponential moving averages (EMA) signals that upward momentum is building. This indicates that price growth may continue.

Analyst Peter Brandt believes Solana could rise sharply due to its weekly chart’s bullish cup and handle pattern. If the event occurs at $290, which represents the breakout along the pattern’s neckline, the price could reach $518. According to the analyst, the price may exceed $700 in the long term.

Solana’s Total Value Locked (TVL) almost reached $12 billion in January. However, geopolitics meant that Solana’s TVL went down from $7 billion to $6.6 billion during the first quarter. Sentiment in the market improved in Q2 and saw Solana’s TVL restore its value to $9.442 billion in May. The number of addresses which represent users increased to 5.82 million in the second quarter.

While other markets struggled, the market cap of stablecoins remained unchanged. Even though the market has fluctuated, the revenues reached $11.54 billion in May. Despite market upheaval, the amount of stablecoins is on a steady increase.

Solana’s growing presence on social media is helping the cryptocurrency’s prospects, as more people are talking about it.

As more people know about Solana, the community’s activity could boost the demand for the coin. So, growing interest could send the market price even higher.

Polymarket has seen the odds for Solana increase dramatically from 15% to 42%. The sudden rise is caused by investors becoming more confident about cryptocurrency’s performance.

Growing user numbers, signs of improving technology and confident investors all help drive Solana’s upward trend which could result in a huge surge in price. The platform is gaining strength, contributing more hope for its future. So, according to these positions, Solana looks set for fast and significant growth over the next period.