As a seasoned crypto investor who has navigated through the ups and downs of this volatile market since its inception, I find myself cautiously optimistic about Solana (SOL). The past year has been quite impressive for SOL, with its recovery from the FTX collapse and subsequent steady rise. However, as we all know too well in this world of crypto, no coin is immune to sudden downturns.
Solana consistently ranks among the top performers within the top 10 cryptocurrencies, based on performance over the past year. After a significant drop to approximately $8 following the FTX crash, the price rebounded steadily throughout 2023, eventually reaching a peak of $210 in March 2024.
Is SOL Ready For The “Mania-Like Stage”?
As Solana (SOL) prices dip slightly from their weekly highs, certain analysts express optimism. On platform X, one analyst asserts that SOL could be on the verge of a breakout, having surpassed a previous accumulation pattern. In this situation, the analyst suggests that SOL is “primed for further growth.”
If bull activity resumes, overturning the current downtrend, Solana might effortlessly climb upwards, potentially reaching a “frenzy-like” level as suggested by the analyst. Examining the SOL chart pattern, the analyst anticipates that SOL will surge significantly, surpassing its previous all-time highs of approximately $260, which were set in 2021.
Following this, the coin might experience a strong upward surge. According to the trader’s predictions, Solana could potentially surge up to around $600 if the buying pressure increases significantly.
As a researcher studying the Solana market, I am cautiously optimistic about the potential of the Solana Bulls. After dipping as low as $122 in July 2024, the SOLUSDT chart shows that the coin has made a significant recovery, nearly 40%. However, it’s important to note that there is a double top at approximately $190, and further challenges may arise within the resistance zone of around $200 to $210. Only time will reveal whether the Solana Bulls have the resilience to overcome these obstacles and continue their upward trend.
In simpler terms, the price chart for SOL suggests a bullish trend. If the value remains over $160, it could potentially drive the coin past its current resistance level, leading to increased demand due to this upward momentum.
Solana Finds Rapid Adoption, Flips Ethereum In Key Metrics
Potential reasons might stem from key elements, particularly when it comes to acceptance and rulemaking progress. Notably, a growing number of meme coin initiatives are debuting on Solana, leveraging its fast transaction speed and affordable costs.
The rapid growth of meme cryptocurrencies on today’s blockchain platforms has not only boosted Decentralized Exchange (DEX) activity but has sometimes even outperformed Ethereum’s figures. As we approached the end of last week, analysts noted that Solana surpassed Ethereum in total gas fees and Maximum Extractable Value (MEV) rewards.
Even though BlackRock boasts impressive figures, it appears reluctant to jump on the SOL and spot ETF bandwagon in the near future. A BlackRock executive has stated that the company is more inclined towards spot Bitcoin and Ethereum ETFs because they align better with their established investment standards.
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2024-08-01 14:46