Analyst Says Solana Will Go Ballistic In The ‘Mania-Like Stage”, Targets $600

Dalmas Ngetich

11 months ago

2 mins read

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Solana is one of the top performers in the top 10, looking at the performance over the last year of trading. After plunging to around $8 after the collapse of FTX, prices went on to recover steadily throughout 2023 before rising to as high as $210 in March 2024.

Is SOL Ready For The “Mania-Like Stage”?

While SOL prices are cooling off at spot rates, retracting from this week’s highs, some analysts are confident. Taking to X, one analyst believes the coin is within a breakout formation after clearing above a re-accumulation structure. For what’s there, SOL, the analyst added, is “ripe to push higher.”

If bulls flow back, reversing recent weakness, Solana could easily glide higher, entering what the analyst described as a “mania-like stage.” Looking at the SOL candlestick arrangement, the analyst predicts that SOL will rip higher, breaking above the all-time highs of around $260 recorded in 2021.

Afterwards, the coin is highly likely to scale out aggressively. By the trader’s estimation, Solana can quickly rally to as high as $600 if buyers take over.

Solana ready to rip higher | Source: @CryptoJelleNL via X

Still, only time will tell whether Solana Bulls have what it takes. From the SOLUSDT chart, the coin gained nearly 40% after sinking to as low as $122 in July 2024. There is a double top at around $190, though more obstacles lie at around the $200 to $210 resistance zone.

Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView

Technically, SOL is within a bullish formation. If prices stay above $160, the resulting momentum could propel the coin above the immediate liquidation zone, spurring more demand.

Solana Finds Rapid Adoption, Flips Ethereum In Key Metrics

Possible drivers would be fundamental factors, especially in the adoption and regulatory development fronts. Increasingly, more meme coin projects are launching on Solana, taking advantage of the platform’s high throughput and low fees.

The proliferation of meme coins on the modern blockchain has also pushed DEX activity higher, challenging, and, in some instances, surpassing those posted on Ethereum. By the end of last week, Solana, one analyst observed, surpassed Ethereum in total gas fees and maximum extractable value (MEV) tips.

Solana flips Ethereum in key metrics | Source: @smyyguy via X

Despite these impressive metrics, BlackRock is hesitant to embrace SOL and launch spot ETFs in the coming days. A BlackRock executive said the company’s current focus is on spot Bitcoin and Ethereum ETFs since they align with their investment criteria.

Feature image from DALLE, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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