Analyst: Benefiting from the PumpFun ICO, the price of SOL may reach $300 before August

ChainCatcher news, according to Cryptonews, analysts expect the price of Solana (SOL) to reach $300 before August, mainly due to recent bullish chart patterns and the $500 million on-chain liquidity raised by the PumpFun ICO.

Currently, SOL is trading at $163.43, having increased by 12.87% over the past 30 days, with a market capitalization of $87.65 billion, solidifying its position as the sixth largest cryptocurrency in the market.

Technical analysis shows that the weekly chart of SOL/USDT indicates a potential bullish reversal, with the price having rebounded and trading above the 89-week EMA. Analysts point out that if SOL can maintain above the support level of $145 to $155, it may rise to a range of $200 to $250 in the future.