Solana Price Breakout Eyes A Mega SOL Rally to $4,000, Says Analyst

by

As a seasoned crypto investor who has navigated through numerous market cycles and witnessed the rise and fall of various digital assets, I find the recent bullish projections for Solana ($SOL) quite intriguing. Having seen the meteoric rise of Bitcoin and other altcoins in the past, I can’t help but feel a sense of deja vu when looking at SOL’s current trajectory.

In simpler terms, the price of Solana has made a powerful jump over a long period, creating a cup-and-handle chart pattern which suggests it could reach $4,000 in the future. Cryptocurrency experts think that this potential 20-fold increase in SOL is quite plausible during the next market surge. Already showing more than double its value in 2024, Solana is among the top-performing digital currencies, boasting a market capitalization surpassing $100 billion.

Can Solana Price Stage Mega Rally to $4,000?

As an analyst, I’m expressing my optimistic outlook for Solana ($SOL), a token that I believe could potentially surge to $4,000. My forecast is rooted in the interpretation of a well-recognized “cup and handle” chart pattern. This lofty target underscores the growing trust in Solana’s ecosystem and its anticipated future price trend.

Indeed, this projected price point for Solana (SOL) is considered a long-term estimate because a further $20x increase would value SOL at around $2 trillion, comparable to Bitcoin’s current worth. However, market experts remain optimistic that the SOL bull run isn’t finished yet and we might witness levels reaching up to $600 in the forthcoming rally, with a possible price of $420 by Christmas.

After reaching a peak of $263 in one month, the price of Solana dropped by over 20%, hitting a low of $203 on Tuesday, December 10. However, it subsequently rebounded from this point.

Known crypto expert Altcoin Sherpa has expressed optimism about the potential rise in Solana’s price, suggesting that a base may be established soon. In essence, this analyst believes that “Forming a base can be quite dramatic and might take some patience, but generally speaking, those who are prepared to invest during this period tend to reap the benefits.

It seems we might reach a significant point not too far ahead. Such turning points are frequently intense occurrences that may require patience, but for those ready to invest, they can prove beneficial. Check out Solana (SOL) from April.

— Altcoin Sherpa (@AltcoinSherpa) December 11, 2024

It appears that many people are anticipating new record highs for Solana (SOL), with other cryptocurrencies reaching new peaks. According to CryptoQuant’s analysis, Solana is one of several altcoins expected to reach new record highs after a brief period of decline over the last fortnight. The heatmaps predict that SOL could hit fresh all-time highs in the near future, making it a strong candidate for such an event.

SOL ETF Approval Faces Resistance

For some time now, investors have been eagerly waiting for the approval of a Solana ETF on the market. However, recent news indicates that the current U.S. Securities and Exchange Commission (SEC) is hesitant to approve it at this time. Cryptocurrency analysts posit that such an approval might not occur until Paul Atkins assumes the role as SEC chair next month in January.

It’s intriguing to consider how quickly the approval process might move forward for the SOL ETF once Donald Trump assumes presidency in January. A number of market players such as Bitwise, VanEck, 21Shares, Canary Capital, and Grayscale have recently submitted applications for a Solana ETF.

At the moment of reporting, Solana’s price stands at approximately $219, and its market capitalization exceeds $103 billion. According to data from Coinglass, there were $14 million in total liquidations over the past 24 hours, with $10 million of those being long liquidations that occurred following a recent drop to around $203.

Read More

2024-12-11 08:42