Solana difficulties have been mirrored in the larger cryptocurrency market. After the recent decline in Bitcoin, Solana (SOL) fell more than 15% from its peak of $161 in August. Analysts do, however, now perceive hope as approaching. The annual Breakpoint conference is coming, and it can act as a catalyst and drive up prices.
Solana usually surges in the weeks preceding Breakpoint. Analysts anticipate that this year will be no different, with the event taking place in Singapore on September 20–21. Conferences have caused significant price increases, and analysts predict 2023 may be no different. Renowned cryptocurrency expert MartyParty predicts that SOL may rise by 62% in the upcoming days.
Reputable as a market mover, the Breakpoint event brings developers, essential industry players, and the Solana community together. Two well-known speakers scheduled to attend are Anthony Scaramucci, managing partner of SkyBridge, and Jeremy Allaire, CEO of Circle. Given that price movement has historically been driven by events like this, the event may have a significant effect on the SOL ecosystem.
Solana Gains Strong Momentum Amid Bullish Market Trends
According to data, Solana’s rally usually starts a few weeks before the summit. SOL increased 68% in 2021; the rise began 19 days before the event. The price increased by 42% in 2022, starting 16 days early. This year, 14 days before the event, analysts saw positive momentum begin to build. SOL increased by more than 4% in the last day, trading at almost $135.
According to MartyParty, if the surge holds, the price might reach $213.3, the level last reached in December 2021. In the event that this occurs, SOL would reach a 21-month high and add to its record 58% increase in 2023, which was led by Breakpoint.
The people of Solana are watching with bated breath as the countdown commences. Even as Bitcoin tries to find its footing, holders of SOLs may experience another rise if history repeats itself, which may completely change the crypto market. With Breakpoint rapidly approaching, all eyes are focused on SOL’s next move.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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