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Simon Chandler
Author
Simon Chandler
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Solana has remained largely flat today, sticking to $187.23 as the cryptocurrency market consolidates the significant gains it made following the US election yesterday.
Pro-crypto candidate Donald Trump won the election, with the entire market rallying strongly, and with Solana now up by 7% in a week and 29% in a month.
And traders are beginning to predict that a new Trump administration will enable SOL to hit new heights, with popular Crypto Twitter influencer Pentoshi suggesting that the coin could hit $420 if it breaks $200 in the near future.
Given SOL’s momentum and its fundamentals, such targets aren’t unrealistic, especially if we end up seeing Solana ETFs in the coming months.
Millionaire Trader Predicts Solana Breakout: $420 Target Once SOL Tops $200
Yesterday, analyst and trader Pentoshi predicted that Bitcoin will reach $100,000 “in the next several months,” with his forecast for SOL quickly following in a subsequent tweet.
In particular, he suggested that if Solana reaches $250, it would set new all-time highs “shortly after.”
This would imply a short- or medium-term forecast of around $260, with the figure setting a long-term target (without specifying timeframes) of $420.
If accurate, this would see SOL gaining by 124%, with Pentoshi adding that the coin’s inflation and upcoming unlocks (in Q1) may prevent it from rising any higher.
Still, Solana’s chart today certainly supports the notion that it will continue to see gains in the coming weeks.
Its 30-period average (orange) rose vigorously above the 200-period (blue) on Wednesday morning, and while the coin is taking a rest today, it’s likely that the short-term average will remain high for a while yet.
We also see this with the relative strength index (purple), which is rising again after correcting a little to 50 earlier today.
While a mini-correction was due for Solana today, given its exuberance yesterday, its ongoing momentum is likely to keep pushing it over the coming weeks.
Its trading volume remains close to $6 billion, which is basically triple where it was a month ago.
This signals very strong demand, and if we get news of Solana ETF approvals, we could see SOL surge in the not-too distant future.
It looks like it will hit $200 in a matter of weeks, and should beat its ATH of $259 by the New Year.
New Altcoins Can Outperform Major Tokens
Because Solana always has the risk of becoming overbought, some traders may turn their attention to newer alts that haven’t reached saturation.
Of course, it’s hard deciding which new coins are likely to succeed, but one way of narrowing down the field is to look for successful presales.
And one of the most successful sales of the year belongs to layer-two project Pepe Unchained (PEPU), which has raised over $25 million.
Pepe Unchained is exciting because it’s on the brink of launching an L2 network for Ethereum that will offer instant transactions and very low fees.
Its long-term goal is to become an ecosystem for meme tokens, with the project also revealing recently that its platform will include a ‘Pump Pad’ that will enable holders to launch their own meme coins without any coding expertise.
This could help attract plenty of usage and adoption, with PEPU also providing double the staking rewards it would have had as a layer-one token.
This should encourage greater ownership of PEPU, which will also be necessary to pay for transaction fees.
The token will have max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.
Read More: Pepe Unchained Price Prediction
It’s also highly impressive that its official X account now has over 46,000 followers, which is massive for a coin that hasn’t even launched yet.
Investors can join PEPU’s sale at the coin’s official website, where it’s selling at $0.01229 per token.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
