The analysis of Caleb Franzen indicates that Solana ($SOL) is poised for a price rebound, with a new target of $27.
Despite market volatility, Solana ($SOL) has recently made efforts to regain its upward trajectory in the cryptocurrency market. Caleb Franzen, the founder of Cubic Analytics, proposes a three-step plan for Solana’s price recovery to reach $27, given that it recently surpassed the $20 threshold.
Solana’s Cost Will Reach $27
The founder of Cubic Analytics, Caleb Franzen, has tweeted his thoughts on Solana ($SOL). Franzen’s analysis indicates that Solana is preparing for another endeavor to increase its price.
According to Franzen, Solana must take three essential steps to accomplish this potential price increase. Breaking the trend line, which typically indicates a shift in market sentiment, is the first step.
Step 2 suggests that SOL should use the newly established trend line as a support level once the trend line is disrupted. Step 3 concludes by setting a target price of approximately $27 for Solana.
Currently, $SOL is priced at $21.79. This represents an increase of 4.49%. The current market capitalization is 8,750,222,715 dollars. For Solana’s price to attain the target set by Franzen of $27, an increase of approximately 23.88 percent is required from the current price.
Aspects Influencing SOL Token Price
On November 6, 2021, the price reached an all-time peak of $260.06. Since then, it has decreased by 91.56%. In contrast, the all-time low of $0.5052, recorded on May 11, 2020, represents a remarkable increase of 4242.71% since then.
Recent obstacles for the Solana ecosystem include multiple charges filed by the U.S. Securities and Exchange Commission (SEC) against the crypto exchange Binance, which incorporates Solana. Nonetheless, favorable developments, such as Drift Protocol’s announcement of liquid staking for SOL tokens, have pushed the price to $20.
In addition, delisting from exchanges such as Robinhood Markets and Celsius liquidating their crypto holdings may have a short-term impact on the performance of SOL toke
