Analyst speculates that a historical Breakpoint rally could see Solana trade at a 21-month high before the September 20 conference.
Bitcoin’s brutal underperformance spilled to Solana and the broader crypto market. The fifth largest crypto asset by market cap is now down over 15% from the $161 high seen in early August.
Solana’s gross price underperformance could metamorphose, as data has pointed to a catalyst to historical surges in the asset’s price. According to multiple analysts, the SOL price would see an uptick following the impending Breakpoint event.
The fast-approaching annual meeting has historically positively impacted the Solana price. Hence, analysts forecast that the altcoin could see higher prices in the days leading up to the event.
The BreakPoint Event
Following its in September 2021, the Breakpoint event has become a crucial meeting for the Solana ecosystem. The multi-day annual conference has allowed the Solana Foundation to commune with its community.
The event brings together the Solana team, key industrial players, developers, and the community to share knowledge and acclimate to the network’s latest and future trends.
This year’s event hosts notable speakers like Circle’s CEO Jeremy Allaire, SkyBridge managing partner Anthony Scaramucci, Jupiter co-founder Siong Ong, and Helius co-founder Mert Mumtax, among other professionals.
The event, set to happen between September 20 and 21 in Singapore, has historically coincided with historical SOL price surges. This year, market speculators and Solana proponents are placing their bets on a repetition.
Analyst Speculates 62% Price Uptick
According to MartyParty, Solana has surged at a yearly average of 62% on account of the Breakpoint conference. Further analysis showed that SOL grew 68%, 42%, and 58% in 2021, 2022, and 2023, respectively, catalyzed by the annual conference.
Solana Breakpoint pump average is 62%.$SOL is $133 right now. 62% is $215.46https://t.co/PgwTCVBAg8
— MartyParty (@martypartymusic) September 4, 2024
According to the data, the SOL rally started 19 days before the maiden Breakpoint event in 2021. In 2022, the upsurge waited three more days than it did the previous year, kicking off 16 days before the conference. However, 2023’s price rally started 14 days before Breakpoint, the latest so far.
Solana’s price showed bullish momentum in the past 24 hours, surging over 4% to trade at $135. If MartyParty’s 62% prediction is put into perspective, SOL has another 58% underlying rally. A 58% growth at market price would see SOL trade at $213.3 before the September 20 conference, a high last seen in December 2021.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
