The Analyst’s Bullish Prediction: Solana Price Poised to Surge by 450% to $840

Solana, the high-performance blockchain platform, has been gaining significant momentum, with its price surging over 1,000% in the past year. Despite facing a market-wide crash in June, Solana’s bullish trend remains strong, with predictions indicating a potential rally that could surpass its previous all-time high.

Solana’s Path to New Heights

A pseudonymous crypto analyst known as ‘NoLimit’ on TradingView has presented a bullish scenario for Solana’s price trajectory. The analyst points to a significant cup and handle formation on the SOL chart, reminiscent of a pattern seen during Solana’s previous all-time high in 2021.

Additionally, the analyst highlights the Fibonacci extension, suggesting that Solana could reach a new all-time high of $550 to $840, representing a potential 450% increase from its current value.

Furthermore, market optimism stemming from the pending launch of Spot Ethereum ETFs is expected to further boost Solana’s price. The potential debut of these ETFs is anticipated to drive Ethereum’s price to new highs, indirectly impacting Solana’s performance.

Growing Momentum and Demand

Recent data from Coinmarketcap indicates a notable increase in Solana’s daily trading volume, surpassing $2 billion. This surge in trading volume, coupled with a positive price trend, signifies strong buying pressure for Solana, indicating a bullish outlook for the cryptocurrency.

As of the latest update, Solana’s price is hovering around $151, marking a 4.59% gain in the past day. The weekly and monthly charts also depict positive trends, with price increases of 7.22% and 5.08% respectively.

Featured image created with Dall.E, chart from Tradingview.com