Solana Price Surge Predicted Amid Andrew Tate Livestream

February 4, 2025 BACK TO NEWS

Solana's price recovery, boosted by Andrew Tate's LIVESTREAM, could drive demand and potentially hit $500 - IcoHolder.

The price of Solana (SOL) has shown a slight rebound following significant losses earlier this week, when Bitcoin and other altcoins faced steep declines. As Solana shows signs of recovery, analysts are predicting the cryptocurrency could surge to $500 in the near future. A potential catalyst for this price spike may be an unexpected influence—Andrew Tate, the controversial internet personality.

Tate’s Livestream Could Spark SOL Demand

Andrew Tate, who boasts over 10 million followers on X (formerly Twitter), recently made waves with an announcement that he would livestream an on-chain trading session. Having exceeded his goal of 5,000 retweets, Tate's followers pushed the post to over 6,400 retweets, confirming that the session will take place either on Tuesday or Wednesday.

This trading session will also serve as a promotional event for Photon, a blockchain platform designed to facilitate faster transactions of Solana meme coins than other networks. Tate's announcement holds particular weight due to his massive following, especially among younger, male audiences. Analysts suggest that his livestream could prompt many of his followers to purchase Solana or other tokens within its ecosystem, boosting demand for SOL in the process.

Analysts Forecast Solana’s Price Could Hit $500

Tate's livestream coincides with predictions from some crypto analysts that Solana’s price could soar to $500 in the near future. A prominent analyst pointed to a three-day chart of SOL, noting that the cryptocurrency frequently experiences periods of pullback before resuming its upward trend. The recent movement above a descending trendline suggests that the price could continue to climb, with the next significant target being $295, surpassing its current level of $210.

For Solana to hit the $500 mark, it would need to increase by approximately 138% from its current value. While this may seem like a steep climb, it’s not outside the realm of possibility. The cryptocurrency has demonstrated impressive growth in the past, including a 260% jump from January 2023’s lowest point and a remarkable 2,200% surge from the 2023 lows.

Key Levels to Watch in Solana’s Price Recovery

Technical analysis reveals important levels to monitor as Solana continues its price recovery. After bottoming out at just $8.90 in 2023, SOL has surged to over $200, forming a "cup and handle" pattern—a widely recognized signal of a continuation pattern. The consolidation seen recently represents the handle section of this formation.

This pattern indicates a potential target price near $495, just shy of the $500 mark. The key resistance level to watch is $285, the highest price reached this year. A breakout above this level could set Solana on a path to $300 and, potentially, to the much-anticipated $500 price.

Conversely, a drop below the $170 mark, which represents the lower boundary of the handle, could signal further downside, with a possible retreat to the $110 level, its lowest point in August.

As the cryptocurrency market remains volatile, all eyes will be on both Tate’s livestream and the technical developments in Solana's price. If momentum continues, SOL could be poised for one of its biggest rallies yet.