SOL wallet
Solana (SOL) is in a critical defining moment and the direction it takes from here will determine the fate of investors in the coming days.
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Crypto analyst Lark Davis on 14 October said the coin can either skyrocket to $300 from here or nuke to $95 setting the pace for a new price target.
SOL currently trades at $195 after crashing from the monthly high of over $250 like most crypto assets that were affected by the recent crash.
A tightening range
SOL has been trading in a tight range that is getting smaller for a while, and this usually leads to a breakout. Such a breakout can result in an upward or downward move.
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For SOL, there are a number of possibilities. The first is that the price could surge to $300, while the second is to break downward through several support levels, Davis says.
The first support he said will be $169, followed by $125 and then $95 is the worst case scenario. Davis adds that just one clear move the coin makes from here could determine the direction of the next trend.
Considering fundamentals, SOL will likely break to the upside due to whale interest. Crypto infrastructure company Solmate recently made a $50 million purchase of the coin in a strategic partnership.
Similarly, Canadian investment company Sol Strategies has just bought $30 million worth of the coin among other similar whale purchases.
With such whale interest, a breakout to the upside is more likely unless the sentiment changes suddenly, which is common in crypto.
Long-term outlook
Apart from the current whale interest, another potential major boost to the price of SOL is the upcoming Solana ETF which Bloomberg analysts say has a 100% chance of approval.
If approved, investors will become more confident and buy the coin, further pushing the price higher in the coming months.
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