Solana Set For Explosive Growth: Expert Predicts 1650% Price Increase Based On This Pattern

Ronaldo Marquez

Last Updated: December 12, 2024 11:30 am

3 mins read

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As the broader crypto market rebounds following Donald Trump’s election on 5 November, Solana (SOL), currently the sixth largest token by market capitalization, has resumed its bullish trajectory, recently reclaiming the $230 price level.

On Wednesday, the Solana price surged nearly 7%, reaching $232 after a two-week correction period that followed its current all-time high achievement of $263 on November 23.

Could The Solana Price Soar To $4,000?

The recent price action suggests that Solana may be on track to not only retest its previous peak but potentially exceed it significantly.

Crypto analyst Ali Martinez highlighted a bullish “cup and handle” pattern forming on Solana’s one-month chart, indicating the potential for a remarkable uptrend.

Martinez forecasts that if this pattern plays out, Solana could see gains exceeding 1,650%, resulting in a new record price of $4,000 per token.

However, perspectives among analysts vary regarding the future trajectory of Solana. While some, like Cryptorangutan, emphasize the current momentum indicators and established buying pressure, predicting a surge toward the $300 mark, others urge caution.

Analyst MoreCryptoonl on the other hand, points out a completed pullback structure, indicating a clear five-wave move downward. This analysis suggests that while the recovery rally is underway, it remains uncertain whether it will develop into a bullish pattern or an ABC corrective structure.

Total Value Locked Hits $9.198 Billion

Despite the mixed technical signals, key financial metrics paint a largely positive picture for Solana. According to CoinMarketCap, the market capitalization stands at approximately $112.73 billion, positioning Solana as the sixth-largest cryptocurrency.

Additionally, its Total Value Locked (TVL) has reached $9.198 billion, reflecting continued interest in its decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) volumes have fallen by 25% to $28 billion, indicating some volatility in trading activity.

The narrative surrounding Solana has been further fueled by recent developments in the market. Grayscale’s filing for a spot Solana ETF in the US has generated buzz, as the cryptocurrency community anticipates the potential for increased institutional investment.

Additionally, the project Jupiter has revised its $1.6 billion airdrop after a failed vote, while the platform Pump.fun reported record revenue of $93 million for November, despite experiencing a 66% weekly drop.

In the DeFi landscape, Solana has slipped to third place as Tron’s TVL surged 78% to $13 billion, yet it maintains a strong lead with 5.56 million active addresses.

However, the recent decline in DEX revenue and volume, particularly with Raydium experiencing an 8.22% drop, indicates a need for stability in trading activities within the ecosystem.

Featured image from DALL-E, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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