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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Price Could Reach $1,000, Analyst Explains Why

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Solana price

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Crypto analyst Jacob Canfield has laid out a comprehensive analysis, suggesting Solana (SOL) could be on the brink of an unprecedented market surge. “In my opinion, I think that Solana is going to continue to be one of the biggest movers during this current bull market cycle,” Canfield states, proposing that Solana could potentially escalate its market dominance to the 12-15% range.

Can Solana Hit $1,000?

Canfield bases his analysis on several indicators. He highlights the Solana Dominance (SOL.D) chart, noting that at the peak market cap, it didn’t even crack 3%. Given the current trends and the breakout of SOLBTC from its weekly resistance, Canfield envisions a scenario where Solana could enter a parabolic rally phase, which is further supported by the SOLETH chart showing a similar pattern. “SOLETH – Also currently broke out of a weekly resistance and looks to be forming a parabolic rally against it.”

Solana / ETH
SOL/ ETH, 1-week chart | Source: X @JacobCanfield

A significant factor in Canfield’s analysis is the current state of Ethereum Dominance (ETH.D). He notes that ETH.D is breaking down from a long-term trendline and losing the 200 weekly moving average, now sitting at 17%. “If Solana continues to trend against Ethereum and it continues to break down to 2019-2020 levels, we could see SOL as the big winner this cycle,” Canfield explains.

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However, Canfield does not disregard the potential ramifications of recent news regarding an Ethereum ETF. “This may not play out with the current ETF announcement news as it will bring more attention,” he acknowledges, indicating that an approved Ethereum ETF could shift investor focus and capital back to Ethereum, potentially tempering Solana’s ascent.

Despite potential headwinds from the Ethereum sector, Canfield emphasizes Solana’s robust partnerships with corporate giants like Google, Circle, and Amazon, positing that these collaborations could significantly drive adoption and enhance Solana’s visibility in this cycle of the crypto market.

Furthermore, Canfield’s analysis extends beyond charts and partnerships. He delves into the Solana ecosystem, spotlighting projects that are paving the way for its expansion. From decentralized finance protocols and automated market makers to NFT storage solutions and governance tokens for gaming platforms, Canfield points to a breadth of innovation within Solana that parallels, and in some aspects, seeks to outdo Ethereum’s ecosystem.

In light of the FTX debacle, Canfield remarks on the psychological impact on Solana’s market sentiment, noting that with Sam Bankman-Fried’s legal troubles, there is an opportunity for Solana to redefine itself. “There’s a bit of PTSD around the ecosystem, but it’s time to become its own entity and forge its own future,” he asserts, suggesting that Solana’s future will be shaped by those who are deeply integrated into its ecosystem, from developers to traders and influencers.

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His conclusion: “Solana could triple or quadruple it’s all time high market dominance around 12-15% and if it continues to trend against Bitcoin, could easily see a $1,000 per coin and take the #2 spot behind Bitcoin.” When asked about the potential of Ethereum, Canfield emphasized, “No reason to not have allocations to both. It’s like trying to bet on Microsoft or Google. Tesla or Ford: Just buy both.”

Short-Term SOL Price Outlook

On the shorter-term horizon, analyst Rekt Capital brings attention to Solana’s price movements in a recent post on X. “Solana continues to outperform in the market. In 2021, SOL upside deviated to $53 and then $61 before retracing to the bottom of the purple box,” he noted, referring to a specific zone on the price chart that has historically acted as both resistance and support.

SOL/USD
SOL/USD, 1-month chart | Source: X @rektcapital

In the Rekt Capital chart, SOL is currently breaking out above the zone. However, if history repeats itself and the zone once again acts as strong resistance, the SOL price could suffer a severe pullback. Using the green arrow in the chart, Rekt Capital paints a scenario in which SOL initially falls back towards $30 before the price rises again towards $42.

Featured image from ABCC Exchange, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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