Renowned cryptocurrency analytic platform CoinGecko predicts Solana (SOL) may soon experience significant price appreciation. Their analysis suggests if Solana achieves parity with Ethereum's market capitalization, its theoretical price could reach $593. This bullish forecast aligns with multiple technical indicators signaling emerging upward momentum.
As of latest data, SOL trades at $178**, marking a **20.5% recovery** from its May low of $141.50. Notably, the 20-day and 50-day EMAs** have formed a bullish crossover, reinforcing expectations of strengthening upward momentum. Analysts anticipate this trend to persist in the near term.
Peter Brandt Identifies "Cup-and-Handle" Pattern: $518 Short-Term Target, $700 Long-Term Potential
Veteran analyst Peter Brandt highlights a textbook bullish "cup-and-handle" formation on Solana’s weekly chart. A decisive breakout above the $290 neckline resistance** could propel SOL toward **$518. Brandt further notes long-term scenarios might see prices exceeding $700.
TVL Recovery and Stablecoin Growth Strengthen Solana’s Fundamentals
After peaking near $12 billion TVL** earlier this year, Solana faced a dip to **$6.6 billion in Q1 due to macroeconomic pressures. However, Q2 witnessed a robust rebound, with TVL climbing to $9.44 billion by May. Concurrently, active addresses surged to 5.82 million, reflecting heightened network engagement.
Stablecoin metrics remain resilient—despite volatility, Solana’s ecosystem stablecoin capitalization held steady at $11.54 billion in May. This stability enhances Solana’s utility as a DeFi and payments hub.
👉 Why Solana’s ecosystem growth makes it a top altcoin pick
Social media traction and developer activity further fuel optimism. Polymarket data shows Solana’s market share leaped from 15% to 42%, underscoring growing investor confidence.
FAQs
Q: What’s driving Solana’s current price momentum?
A: Key factors include technical breakouts, TVL recovery, stablecoin adoption, and heightened social/media engagement.
Q: How reliable is the $593 price prediction?
A: While ambitious, it’s based on Ethereum’s market cap equivalency—achievable if Solana sustains its current growth trajectory.
Q: What risks could derail SOL’s upside?
A: Macroeconomic downturns, blockchain outages, or competitor innovations may pose challenges.
👉 Explore Solana’s roadmap for 2025
In summary, Solana’s blend of technical strength, ecosystem vitality, and market sentiment positions it for potential multi-fold gains. Investors should monitor the $290 resistance level and broader market trends for confirmation signals.