As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent Solana (SOL) price action intriguing. Having weathered multiple market cycles, I can confidently say that the current bullish outlook for SOL is not just wishful thinking but a solid prediction backed by technical analysis.
In the past 24 hours, Solana’s price has increased by 1.88% due to the overall market’s positive trend. This bullish movement enabled SOL buyers to regain control of the market over the last 200 days, emphasizing the current bullish sentiment. With a bullish chart formation and growing network income, this layer-1 cryptocurrency appears ready for additional improvement.
Solana Price Eyes $1,000, ‘No Tomorrow Without It,’ Says Analyst
According to a recent study by crypto trader KongTrading, it’s possible that Solana (SOL) could see a major price surge if an ongoing wedge pattern on its chart breaks upward. The diagram provided illustrates two trendlines that have been serving as both dynamic resistance and support for SOL prices since March 2024, hinting at potential price movement.
As the cost nears the peak of this wedge-shaped pattern, it appears that Solana is about to experience a significant surge in value, potentially breaking through and reaching prices over $1000. The analyst suggested that once the wedge on Solana’s price breaks upward, there may be no stopping its growth, predicting an extremely bullish future for Solana’s potential increase.
Once this wedge on $SOL breaks to the upside, there will be no tomorrow without $1000
— Kong Trading (@KongBTC) October 5, 2024
SOL Price Hints Reversal as TVL Growth Fuels Bullish Sentiment
Over the past seven months, the Solana daily price chart has been moving sideways. This ambiguous pattern of lower highs and higher lows implies neither the buyers nor the sellers have a clear upper hand. However, the increasing trend in Total Volume Locked (TVL) within the network offers a promising perspective.
Based on DeFiLlama’s statistics, the total value locked (TVL) within the Solana network has been gradually climbing back up from its April low of $3.46 billion to reach $5.43 billion. This represents a growth of 57%. Essentially, this rise indicates a growing trust in the Solana ecosystem as more funds are being invested into its decentralized finance (DeFi) platforms.
At the deadline, Solana’s price stood at $143, preserving a market value of approximately $67.18 Billion. If geopolitical conflicts in the Middle East were to de-escalate, this cryptocurrency might surge by 28%, potentially testing and surpassing the resistance level at around $183.
This possible shift could regain control of the short-term, medium-term, long-term, and very long-term moving averages (20, 50, 100, and 200), strengthening the optimistic outlook for the market. These moving averages also serve as reliable safety nets during market downturns.
Should the ongoing market correction continue, there’s a possibility that the Solana price might revisit its $120 support level, which could translate to a potential 15% decrease from my current analysis.
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2024-10-05 19:04