Commencing a new era in the realm of Decentralized finance (DeFi), the digital asset Solana (SOL) is projected to experience a significant rise of over 1,800%. This prediction is rooted in a favourable technical configuration that reflects the potential for a substantial price surge.
A deeper dive into the bullish technical setup
Solana has successfully broken through the highly bullish cup-and-handle pattern; an event that frequently presages a considerable uptick in value. Renowned cryptocurrency analyst Ali Martinez emphasised this potential outcome in a post published on January 18th. Historically, the manifestation of this pattern frequently leads to a target spot of around $4,700.
The cup-and-handle pattern features a rounded “cup” succeeded by a smaller “handle” trough. This symbolizes a consolidation period prior to a surge, indicating an upswing in purchasing pressure following an extended correction. The price typically ascends above the resistance limit at the cup’s “rim” and launches into a significant upward trajectory.
Gauging Solana’s prospects
In the case of Solana, the breakout initiated after the asset regained its position above the $220 price point, thus corroborating the bullish arrangement. Despite the confidence in Solana’s bullish prospects, the proposed price target of $4,700 is somewhat ambitious. Were this target to be realized, it would catapult SOL’s market cap to a staggering $2.29 trillion. This would establish it as the leading digital asset, assuming Bitcoin (BTC) witnesses only marginal growth within the same timeframe.
The bullish momentum surrounding Solana has been further buoyed by the optimism surrounding President Donald Trump’s forthcoming inauguration on January 20th. There are strong indications that his administration will be receptive to and supportive of the cryptocurrency sector.
Short-term price target for SOL
In a short-term context, Sheldon The Sniper, a pseudonymous trading expert anticipates that Solana could hit a record high range of $500 to $600. Key target areas have been identified at $324 and $416, aligning with the 1.618 and 2.618 Fibonacci extension respectively.
Once Solana breaches these targets, it could potentially ascend to the $500 to $600 range or even further. The recent shift in market focus to Solana, triggered by Trump’s unveiling of the TRUMP meme coin built on its network, has also contributed to this optimistic projection.
A look at current Solana market trends
At the time of publication, Solana was trading at $242, marking a jump of over 10% in the last 24 hours. Over the past week, the cryptocurrency has gained 31%. Solana’s current price sits comfortably above the 50-day Simple Moving Average (SMA) of $210.64 and the 200-day SMA of $174.03, indicating a bullish atmosphere.
FAQ: Where can I track Solana’s bullish progress?
To keep a close eye on the growth and future potential of Solana, consider downloading a leading cryptocurrency application such as Finances Zippy. This application offers insightful price predictions and market trends.
FAQ: What significant market event has boosted Solana’s prospects?
The unveiling of President Trump’s TRUMP meme coin built on the Solana network has shifted significant market attention to Solana, further fuelling its bullish momentum.
FAQ: What is Solana’s short term price target?
According to pseudonymous trading expert Sheldon The Sniper, Solana could potentially hit a record high of $500 to $600 in the short term.
Concluding this examination of Solana’s growth prospects, it is evident that the future is likely to be bullish for this crypto asset, with an optimistic outlook from market analysts. Keep in mind that while the future direction of cryptocurrencies can be influenced by a variety of factors, staying informed and updated is the best strategy for potential investors.
