Solana price has remained in a consolidation phase over the last few days as the crypto fear and greed index dropped to the fear zone of 36. It was trading at $140, down by 33% from its highest level this year.
Polymarket Solana forecast
Polymarket, the Polygon-powered prediction market, expects that Solana will not rise to a new all-time high this year.
87% of votes in a poll with over $903 million, expects that the token will not cross the current all-time high of $260. 12% of the voters expect it to reach a record high.
In another poll with $420 million, 62% of the voters predict that the token will drop to $130 this month, while 44% believe that it will climb to $160. Polymarket traders also expect that Ethereum will reach its all-time high earlier than Solana.
Solana reached a record high of $260 in November 2021. Attempts to retest that level failed in March when the coin found substantial resistance level at $210. With the coin trading at $140, it means that it needs to rise by 84% to get to its record high.
Fundamentally, Solana is doing well as it continues to take on Ethereum in areas like DePIN, DeFi, and gaming.
Data by DeFi Llama shows that Solana’s total value locked (TVL) has jumped by over 20% in the last 30 days to over $5.51 billion. Ethereum’s assets have risen by just 4.2% in the same period.
Another data shows that the volume of DEX trades in Solana in the last seven days were $7.80 billion, lower than Ethereum’s $8.82 billion. This means that Solana is doing relatively well, and has a chance to pass Ethereum in DEX volume as it did in July.
Solana has also become a major player in the meme coin and DePIN industry. Solana meme coins have a combined market cap of over $9.4 billion. They are led by the likes of dogwifhat, Bonk, Popcat, Cat in a dogs world, and Book of Meme.
Solana price prediction
The weekly chart shows that the Solana price formed a rounded bottom, a popular bullish sign. It has been consolidating in the past few months, forming a symmetrical triangle chart pattern.
This triangle came after the token rose from $8.55 in 2022 to over $210. As such, there are signs that it is a bullish pennant chart pattern, which is a popular continuation sign.
Therefore, odds are that Solana price will ultimately have a bullish breakout as it nears the triangle’s confluence. If this happens, the initial resistance level to watch will be at $210, its highest level in March, and 50% above the current level. A break above that point will lead to more gains, with bulls targeting the record high of $260.
