Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers
July 16 2024 - 2:00AM
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Solana has undoubtedly been one of the winners of this cycle after
rallying over 1,000% in one year. Furthermore, the push upward was
accelerated by multiple viral meme coins on the Solana blockchain
reaching billion-dollar market caps during the last year. While the
SOL price was affected in the market-wide crash that rocked crypto
in the month of June, its bullish momentum has been far from eroded
as predictions continue to pour in, expecting the SOL price to beat
its 2021 all-time high. Solana Primed For Upward Move A
pseudonymous crypto analyst who goes by ‘NoLimit’ on the
TradingView website has presented a bullish scenario for the Solana
price. This bullishness stems from a number of developments both on
the SOL chart and in the general crypto market. Related Reading:
Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is
$70,000 Possible? For the Solana price, the crypto analyst explains
that there is a massive cup and handle formation brewing on the
chart. This formation is important as it is historically bullish
and appeared back in 2021 when the Solana price hit its current
all-time high above $250. Furthermore, the crypto analyst also
points to the Fibonacci extension, which suggests that the SOL
price is headed for a new all-time high. This extension points to
SOL climbing to $550 and even as high as $840, which would be a
450% move from its current value. When it comes to market-wide
bullishness, the crypto analyst pints to the Spot Ethereum ETFs as
being another reason why the Solana price is headed for a new
all-time high. The expectation that the Spot Ethereum ETFs will
begin trading soon has already begun to propel price, with analysts
predicting it will send the ETH price as high as $5,000. SOL Sees
Increased Buying Pressure On its own, the Solana cryptocurrency is
doing quite well so far. According to data from the on-chain token
tracking website Coinmarketcap, the SOL daily trading volume is up
more than 13% in the last day to bring its trading volume above $2
billion. Related Reading: Bitcoin Accumulation: Who’s Been Buying
Up All The BTC Dumped By The German Government? Given that the
price has been rising in the last day, this suggests that the
Solana price is seeing buying pressure, something that is bullish
for the coin in the long run. Now, if this buying pressure
continues, then the altcoin could be seeing a new all-time high
soon. Presently, the SOL price is trending just above $151,
enjoying 4.59% gains in the last day. On the weekly and monthly
charts, the price is up 7.22% and 5.08%, respectively. Featured
image created with Dall.E, chart from Tradingview.com
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