Analysts Reveal Key Levels to Buy SOL Before Solana Price Hits New ATH of $1000

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As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself intrigued by the bullish momentum building around Solana (SOL). With a decade of investing under my belt and a portfolio that’s weathered multiple market cycles, I can confidently say that this could be an excellent time to consider adding SOL to my holdings.

On Wednesday, the price of Solana increased by 1% in an attempt to break through its monthly resistance level at around $160. The positive sentiment is driven by the growing Total Value Locked (TVL) within the Solana ecosystem and excitement surrounding Grayscale’s recent application for a multi-crypto Exchange Traded Fund (ETF). If the SOL price manages to surpass this key level, analysts suggest the possibility of reaching a new all-time high (ATH) of $1000.

Analysts Pinpoint Crucial Levels for Solana Before Breaking $1,000

In a recent tweet, the crypto trader slurpxbt suggested the Solana price is on the verge of a breakout, highlighting that a move 10% higher could confirm the trend’s start. He added that the SOL price has been consolidating for the past eight months, and a bullish breakout could drive a substantial rally.

The analyst suggests that a potential 10% decrease wouldn’t make much of a difference considering the overall scenario. Although investing now might not be recommended, they have a positive long-term forecast for Solana’s (SOL) price growth.

Additionally, renowned cryptocurrency expert, Eugene Ng Ah Sio, has shared his projected price ranges for top digital assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as we approach the conclusion of the ongoing market trend.

If Donald Trump wins the U.S. presidency and a smooth economic recovery follows for the U.S., some financial analysts predict that Bitcoin’s value could reach anywhere between $100,000 and $200,000, Ethereum might be valued between $4,000 and $6,000, and Solana’s price may fall within the range of $500 to $1,000.

According to Ng’s post, there’s an optimistic perspective on the cryptocurrency market as it could potentially grow between $5 trillion and $10 trillion. The tweet implies we are currently in the second phase of a bull cycle, which seems like a good time for traders to secure their investments.

SOL Bullish Momentum Builds as TVL Crosses $6 Billion Mark

As reported by DeFiLlama, the total value locked (TVL) of Solana has recently surpassed $6 Billion, marking a significant achievement for the network. This increase in TVL suggests that investors are becoming increasingly confident in Solana’s ecosystem, as they are pouring more capital into its decentralized finance (DeFi) platforms.

Furthermore, the rise in TVL coincides with the excitement generated by Grayscale’s latest application to transform its Digital Large Cap Fund (which encompasses SOL) into a stock market traded fund (ETF), adding fuel to the buzz.

SOL Price Analysis Signals Major Breakout From Reversal Pattern

According to various media outlets, Solana’s predicted trading price stands at approximately $156, which, if realized, would elevate its market capitalization to a staggering $73.58 billion. A closer examination of the daily chart reveals that the altcoin is poised to move 2.75% closer to testing the resistance line of an inverted head and shoulder pattern formation.

If the price breaks out from around $160, it could significantly boost the upward trend, potentially leading to a 13% increase in value, before the buyers manage to surpass the resistance set by the current period of sideways movement.

Analysts Reveal Key Levels to Buy SOL Before Solana Price Hits New ATH of $1000

If Solana’s price doesn’t manage to break through the resistance at either $160 or $180, traders might push for an extended period of sideways movement, potentially affecting those holding cryptocurrency.

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2024-10-16 16:24