As a seasoned researcher with years of experience in the crypto industry, I have closely followed the price movements and developments within the Solana (SOL) ecosystem. Having witnessed the recent surge of more than 31 percent in just three weeks, I am bullish on Solana’s potential for further gains in the near term.
In the past three weeks, Solana’s (SOL) price has surged by over 31%, reaching near a significant resistance or support point at approximately $180. With a fully diluted market capitalization of around $104 billion and an average daily trading volume of nearly $4.2 billion, this large-altcoin is suggesting a possible bullish breakthrough in the upcoming period.
According to a previous report by Coinspeaker, the U.S.’s recent green light for spot Ethereum ETFs has fueled heightened anticipation for Solana and its associated Web 3.0 initiatives.
Some experts predict that the Securities and Exchange Commission (SEC) in the United States may ultimately give its approval for various Spot Solana exchange-traded funds (ETFs), given the increasing market interest.
Solana Price Prepares to Rally to a New All-time High Soon
Based on the analysis of well-known crypto expert Ali Martinez, the price chart of Solana on a daily basis exhibits a pattern reminiscent of the bullish surge in July 2021. Should the positive sentiment towards Solana persist over the next few weeks, Martinez anticipates a potential increase of as much as 717% beyond the $1,000 mark.
Moving forward, Solana’s price has shown a strong foundation of approximately $120 over the past four months during the broader crypto market consolidation. Moreover, a crypto analyst pointed out intriguing parallels between the current daily RSI readings and those from 2021.
#Solana is looking a lot like July 2021… $1,000 $SOL coming soon!
— Ali (@ali_charts) July 26, 2024
The head of macro research at Global Macro Investor (GMI), Julien Bittel, puts forth an optimistic viewpoint on Solana’s price movement. He anticipates that Solana’s value could hit a new peak of approximately $265 in the short term.
If the price of Solana frequently drops below $162 in the upcoming period, the optimistic outlook for the cryptocurrency may be called into question.
Based on the experience of seasoned trader Peter Brandt, if Solana manages to regularly finish above its previous peak of approximately $189, this would be interpreted as a bullish breakthrough in the market. It’s important to note that historical trends indicate that August has typically seen bearish price movements for cryptocurrencies following a bullish July.
The random musings regarding Solana (SOL) suggest that it may have broken through a resistance level. however, this observation does not prompt me to take action since I view this as a diagonal pattern. I will not deem this a definitive breakout until the May high is surpassed. Yet, by then, the risk-reward ratio might no longer be advantageous.
— Peter Brandt (@PeterLBrandt) July 24, 2024
Growing Web 3.0 Ecosystem
The thriving Solana blockchain, which functions as a foundational layer one (L1) network, is supported by an expanding community of web3 developers and investors on the internet. Currently, the total value secured within the Solana network amounts to approximately $5.33 billion, while its stablecoins market capitalization hovers around $3.22 billion.
I’m a researcher exploring the dynamic landscape of multi-chain Web 3.0 ecosystems, specifically focusing on decentralized finance (DeFi) applications thriving on the Solana network. Notable DeFi projects in this space include Jito, Marinade, Kamino, Raydium Decentralized Exchange (DEX), and Sanctum, to name a few. These platforms offer unique solutions and contribute significantly to the growing DeFi ecosystem on Solana.
Institutional investors and individual traders have shown strong interest in the Solana network, leading to significant support. This surge is driven by the desire to tokenize real-world assets on this platform. Furthermore, there has been a substantial growth in the popularity of meme coins on Solana. As of now, these coins collectively hold a market capitalization of approximately $9.6 billion and experience an average daily trading volume of roughly $1.96 billion.
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2024-07-26 17:10