Solana Price Could Surge 900% After This Breakout

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As a seasoned analyst with a decade-long career in cryptocurrency markets under my belt, I have seen my fair share of bull runs and bear markets. The recent breakout by Solana (SOL) has piqued my interest and I believe it could be on track for a potentially massive rally ahead.

After a recent surge, Solana’s price appears to be regaining momentum for a significant rise in the future. Currently, SOL is trading at $219.05 following a 5.2% increase within the last day. Notably, Solana ranks third among the top ten largest cryptocurrencies by market capitalization, and this latest breakout could potentially lead to a 900% rise for this layer one (L1) chain.

900% Rally in Sight? Solana Price Eyes Completes Massive Breakout

On November 5th, the price of SOL surged past a 234-day holding pattern, coinciding with Donald Trump’s victory. Subsequently, within a week from that date, the value of Solana climbed by an impressive 14%, reaching a peak of $224.

Due to the recent increase in price, we finally managed to push through the $190-$200 price ceiling that had been holding back movements for approximately seven months.

Currently, the price of SOL stands only about 15.7% below its all-time peak, leading some analysts to predict it could reach $1,000 before the conclusion of this market cycle.

2021 saw an impressive surge for Solana’s price, skyrocketing by approximately 900% following a 117-day period of consolidation. This significant breakout could indicate further growth, especially if history serves as a guide. If past trends persist, Solana might climb even higher, possibly reaching over $1,000 and potentially pushing towards $1,900.

The Path Ahead: Solana’s $400 Goal

The projection for Solana’s price suggests a robust upward trajectory, having just surpassed a significant barrier (approximately between $180 and $200). This breakout signifies a strong push from buyers, potentially indicating that the value could climb further, provided it remains above the $200 mark.

In simpler terms, a powerful upward candle pushing past the area where sellers were active, accompanied by high trading activity, suggests that buyers are acting forcefully. This assertion is backed up by a 27% jump in daily trading volume, according to data from Coingecko. This pattern indicates that the bulls might be dominating the market, possibly pushing the price upward without substantial drops.

Keep an eye on the upcoming potential levels: the 0.27 Extension approximately at $260 and the 0.618 Extension around $330. These might present obstacles as Solana’s price continues climbing. If it keeps rising, SOL price may swiftly aim for $400, a significant resistance level psychologically.

Instead, should Solana undergo a reversal, the previous resistance area around $180-$200 is expected to function as robust support, potentially acting as a trampoline for recovery.

What Are The Chances of SOL Price Hitting $1,000?

The latest surge occurred with substantial trading activity amounting to $10.728 million, indicating the authenticity of the bullish momentum. Heavy trading volume during a breakout often signals a genuine movement, implying this surge may not be a false one.

Furthermore, the extended multi-year bull pennant is a positive signal suggesting the trend will continue to rise. The election of Donald Trump as U.S. President and Canary Capital’s filing for a Solana ETF are significant events that could significantly boost the likelihood of a massive surge towards $1,000 and beyond.

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2024-11-12 11:06