Solana
Solana Price Could Surge 450% to $840, Analyst Says
Solana has undoubtedly been one of the winners of this cycle after rallying over 1,000% in a year. Additionally, the upward push has been accelerated by several viral coins on the Solana blockchain reaching multi-billion dollar market caps over the past year. SOL price was affected by stock market crash that rocked crypto in June, its bullish momentum is far from eroded as predictions continue to pour in, expecting SOL price to break its 2021 all-time high.
Solana is ready to move forward
A pseudonymous crypto analyst who goes by the name “NoLimit” on the TradingView website has present a bullish scenario for Solana price. This bullish trend stems from a number of developments both on the SOL chart and in the broader cryptocurrency market.
For Solana price, the crypto analyst explains that a massive cup and handle formation is brewing on the chart. This formation is important because it is historically bullish and re-emerged in 2021 when Solana price reached its current all-time high above $250.
Additionally, the crypto analyst also points out the Fibonacci extension, which suggests that the SOL price is heading towards a new all-time high. This extension suggests that SOL could climb to $550 and even $840, which would represent a 450% increase from its current value.
As for the overall market optimism, the crypto analyst cites Ethereum Spot ETFs as another reason why the solana price is heading towards a new all-time high. The expectation that Ethereum Spot ETFs will begin trading soon has already started to drive the price higher, with analysts predicting that they will push the price of ETH up to $5,000.
SOL sees increased buying pressure
By itself, the Solana Cryptocurrency is doing pretty well so far. According to data from on-chain token tracking website Coinmarketcap, the SOL Daily Transaction Volume rose more than 13% over the past day, bringing its trading volume to more than $2 billion.
Given that the price has been increasing over the past day, it suggests that Solana price is experiencing buying pressure, which is bullish for the coin in the long term. Now, if this buying pressure continues, the altcoin could soon reach a new all-time high.
Currently, the SOL price is trading just above $151, enjoying gains of 4.59% over the past day. On the weekly and monthly charts, the price is up 7.22% and 5.08% respectively.
Featured image created with Dall.E, chart by Tradingview.com