Analysts predict that Solana (SOL) may experience a significant price increase leading up to the upcoming Breakpoint event, some forecast a possible 21-month high before the conference on September 20.
The token has struggled recently, dropping more than 15% from its August peak of $161, largely due to Bitcoin’s poor performance which affected the broader crypto market.
Despite this performance, several analysts believe that Solana’s price could rally again, with historical data suggesting a strong link between the Breakpoint event and SOL price increases. The event has traditionally acted as a positive catalyst for Solana’s market performance, causing speculation that this year will be no different.
The Breakpoint event has become an important annual gathering for the Solana community and ecosystem since its launch in September 2021. The multi-day conference, organized by the Solana Foundation, serves as a platform for developers, industry leaders, and community members to discuss the latest developments and future directions of the Solana network.
This year’s Breakpoint will take place from September 20 to 21 in Singapore, and it will feature prominent speakers such as Jeremy Allaire, CEO of Circle; Anthony Scaramucci, managing partner of SkyBridge; Siong Ong, co-founder of Jupiter; and Mert Mumtax, co-founder of Helius.
As in previous years, the event is expected to bring renewed attention to Solana, with analysts projecting that this could result in a growth in SOL’s price in the days leading up to the conference.
Crypto analyst, MartyParty noted that Solana’s price tends to rally in the lead-up to the Breakpoint event. In previous years, SOL has posted average gains of 62% around the time of the conference.
In 2021, Solana saw a 68% increase, while 2022 and 2023 brought gains of 42% and 58%, respectively. These rallies often began in the weeks before the event, with the price surge starting 19 days ahead of the inaugural Breakpoint in 2021, 16 days ahead in 2022, and 14 days in advance of this year’s conference.
Market activity initially showed some early signs of bullish momentum for Solana, with the price rising by more than 4% in 24 hours to reach $135 but this has declined to $132.04 in the last 24 hours.
If MartyParty’s analysis holds true, Solana could still see a further 58% price increase, potentially pushing the asset to $213 before the event—levels not seen since December 2021.
While the broader cryptocurrency market has faced challenges, analysts believe that Solana’s upcoming Breakpoint event could reignite interest in the asset, leading to a significant price recovery.
Given the event’s historical impact on SOL’s price and the current positive sentiment surrounding the conference, many investors believe that Solana will perform well in the coming weeks.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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