Solana Predicted To Peak at $45 This Year. Why Are Experts Seeing A Surge, And Are They Right?

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According to experts, the Solana price chart currently shows positive signs, indicating a favorable outlook. Analysts expect a short-term move to $26, followed by a medium-term target of $45. These price targets suggest potential growth for $SOL in the near future.

$SOL chart still looks great.
Expecting move to $26 short term.
Then to $45 medium term.$RNDR will likely announce Solana migration details and timing soon, and the timing couldn't be better with general Solana sentiment picking up.

⚡📈🔥⭕ https://t.co/eXp9qoSt1U pic.twitter.com/ERw0biypt9

— Rendoshi Tokamoto ⭕️ (@Rendoshi1) July 10, 2023

According to experts, Render (RNDR) token plans to release details and timing regarding its migration to Solana. The timing of this announcement is advantageous, as general sentiment around Solana has been improving.

Upcoming Render Migration to Solana could Raise SOL

Render is a Polygon-based protocol which is considering migrating to the Layer-1 (L1) blockchain network, Solana. The migration is necessary for Render’s future network growth. This is because it requires a blockchain that delivers higher throughput and low latency for transaction settlement and node operation.

Render Network's community has approved the migration from Polygon to Solana! 👀

Exciting times ahead for $RNDR as it aims for future network growth 📈

Tell us your thoughts! 💭 pic.twitter.com/4LvssJKHl3

— DexterLab 📊 (@DexterLabData) April 7, 2023

The switch to Solana would enable Render to scale its network, implement the burn-and-mint equilibrium model, and meet technical needs. This migration will aim to provide more programming flexibility, improve transaction times, and reduce transaction costs. Render users have expressed concerns about Polygon’s centralization, re-org tendency, and transaction fees, advocating for the protocol to migrate.

The community vote on the migration proposal remains divided, with 32.02% against the migration and 67.98% in favor. This is based on Snapshot data. Despite its challenges, Solana has seen significant growth this year.

Other projects, like Helium (HNT), have also migrated to Solana to leverage its ecosystem and network speed.

BREAKING: The Helium Network migration to @solana is complete. pic.twitter.com/e49pnluGyJ

— Step Data Insights (@StepDevInsights) April 19, 2023

SOL Price Analysis

Solana’s price has rebounded, surging over 119% since the start of this year to reach $21.84 at press time. Furthermore, its on-chain activity has been increasing, with $289.3 million in locked assets on the protocol, as reported by DeFillama.

The SOL/USD daily chart analysis reveals that the current price is encountering resistance at the 38% Fibonacci Retracement level of $22.50. This Fibonacci Retracement calculates based on the highest level observed on August 12, 2022, and the lowest level recorded on December 29, 2022.

Following a period of consolidation from mid-January to early June, the SOL prices fell below the established range. However, in July, Solana price re-entered the range and is currently enduring opposition from the 38% Fibonacci Retracement level.

The technical indicators, including the MACD histograms and Relative Strength Index, indicate a bullish trend. Additionally, the lower exponential moving average (EMA) is trending upward, approaching the higher EMA, suggesting a potential crossover. Once the crossover occurs, it would confirm a bullish signal and likely propel the prices further toward the next resistance level at the 50% Fibonacci Retracement of $26.90.

Are Experts Right About Solana?

Well, the answer is yes, but this is not investment advice because of the high volatility of crypto. Investors are encouraged to conduct their own research and only invest what they are willing to spare.

Nevertheless, the analysis suggests a promising long-term outlook for SOL based on both short-term technical indicators. Positive fundamentals surrounding the Solana ecosystem also bolster the case. As indicated, there has been a growing interest among other crypto projects to migrate to Solana, pointing to the network’s appeal and potential.

During the first half of the year, SOL experienced a substantial 118% increase in value. This laid a strong foundation for further growth. To meet the year-end target of $45, an additional 106% increase would be required in the second half of the year. Given the recent performance and market conditions, achieving this target appears plausible.

However, it is crucial to consider the inherent volatility and unpredictability of the cryptocurrency market. Investors and traders must exercise caution and be mindful of the risks associated with cryptocurrency investments before entering any positions.

While Solana’s future looks promising, there is another coin giving similar vibes.

Promising Alternative to Solana

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yPredict is not just limited to backlink optimization. It is a decentralized platform fueled by the YPRED token, operating on the Ethereum (ETH) network. With the help of smart contracts, yPredict enables users to participate in prediction markets across various domains, such as finance, politics, and sports. This democratized approach ensures transparency, fairness, and decentralization in the prediction market industry.

As a testament to its commitment to transparency and fairness, yPredict incorporates a Decentralized Autonomous Organization (DAO) into its project. YPRED token holders have the power to vote and contribute to decision-making, ensuring a democratic approach to listing and delisting prediction models.

yPredict Presale: Seizing Opportunities in a Promising Crypto Venture

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Act… pic.twitter.com/i3KWqpIXGe

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