SOL ready for bullish trend reversal ahead of Breakpoint Conference 2024

Solana (SOL) recorded a decline of 1.73%. fell to USD 128 during the Asian trading sessionThis decline is in line with a general slowdown in the market after a brief recovery earlier this week.

Despite this decline, Solana remains poised for a possible bullish trend reversal. Critical drivers such as the upcoming Breakpoint Conference 2024 and major whales Accumulation could increase prices.

Some Analysts believe SOL could continue to decline and possibly fall to around $80. But with the rising bullish sentiment in the market, it could turn green, which leads to more favorable price prospects.

This analysis will examine whether these factors can help SOL stage a strong rally in the coming weeks.

SOL faces a price increase with breakpoint 2024 and whale accumulation

Since August 8, Solana (SOL) has been trading between a high of $160 and a low of $122. Today, September 17, SOL is forming green candles, Trade for $132.

Although the price drops slightly by 1.88%, Solana is preparing for a potential price increase approaching breakpoint 2024. On Friday, SOL reached 139.70 USD after an important notice by Cypherpunk Holdings, a Canadian listed company.

Cypherpunk Holding has been renamed SOL Strategies and shifted its focus to the Solana ecosystem. The company plans to explore growth in DeFi, NFTs and decentralized applications (dApps), which generate more interest in Solana.

Leah Wald, CEO of Sol Strategies, emphasized that the rebranding gives them the opportunity to benefit from Solana’s growing ecosystem.

In addition to the renaming of Cypherpunk, the upcoming Breakpoint Conference 2024, The event planned for September 20th and 21st in Singapore could be positive for SOL. The event will bring together top developers, investors and Industry leaders discuss the future of Solana.

In addition, whales are increasingly accumulating and recently used Solana tokens. A whale recently bought 10,000 SOL worth about $1.37 million, This brings his holdings to around 50,000 SOL.

How do these factors affect the price of SOL?

The renaming of Cypherpunk Holdings to SOL Strategies underlines a growing institutional interest in the Solana ecosystemBy exploring DeFi and dApps, the company could attract more investments, which would help increase the demand and price of SOL.

Additionally, the Breakpoint Conference 2024 could bring more attention to Solana as industry leaders and developers focus on the company’s future growth. Finally, whale accumulation signals strong belief in Solana's potential, as large shareholders tend to stake tokens for long-term gains.

This can Create scarcity in the marketwhich drives up the price as demand continues to rise.

Solana (SOL) Price Analysis: Bullish sentiment increases

On Solana’s 4-hour chart, the price bounced off the lower Bollinger band and is approaching the middle band. A breakout above this middle line could bullish sentiment and rising prices.

The fading red bars in the histogram also show that the The bearish momentum is weakening and a reversal could be imminentThe Relative Strength Index (RSI), which rose from 36 yesterday to 40 today, suggests that buying pressure is returning.

The more buyers enter the market, the more likely a positive price fluctuation for SOL is.

SOL maintains its trendline support while slowly approaches the trend line resistanceA breakout of this resistance could trigger an intense upside momentum that is likely to attract more buyers and push prices higher.

Long-term outlook and forecasts

Some expert forecasts predict that Solana will fluctuate between $144 and $155 by 2025. could only reach the $1,000 mark in March 2026.

For investors with larger capital, it may make sense to wait over two years for a 7.5x return, but smaller investors can look for faster returns on newer crypto projects with higher short-term potential like Memebet.

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Features of the Memebet Token

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The project also offers rewards such as airdrops and exclusive bonuses for casino players, adding value to token holders.

What makes $MEMEBET particularly attractive is its unique blend of meme coin appeal and gambling thrills. This mix taps into two bubbly markets, offering opportunities for crypto investors who love high risks and casino enthusiasts who seek fun and potential profits.

Major investors are already involved in Memebet. Just a few days after the start of the pre-sale Whale investors bought $50,000 worth of $MEMEBETand thus shows confidence in the long-term growth of the project.

The interest of capital-rich investors indicates that Memebet has the potential to will be one of the biggest memecoins in 2024This early support from large investors could attract more investors and increase the value of the token.

The $MEMEBET token is currently trading at $0.0252 and the price is set to rise soon. Moreover, the token's utility and increasing support from investors means it is poised for significant growth once its ecosystem is fully launched, so now is a great time to buy your $MEMEBET tokens before the price goes up.

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