Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers

Source Newsbtc

Solana has undoubtedly been one of the winners of this cycle after rallying over 1,000% in one year. Furthermore, the push upward was accelerated by multiple viral meme coins on the Solana blockchain reaching billion-dollar market caps during the last year. While the SOL price was affected in the market-wide crash that rocked crypto in the month of June, its bullish momentum has been far from eroded as predictions continue to pour in, expecting the SOL price to beat its 2021 all-time high.

Solana Primed For Upward Move

A pseudonymous crypto analyst who goes by ‘NoLimit’ on the TradingView website has presented a bullish scenario for the Solana price. This bullishness stems from a number of developments both on the SOL chart and in the general crypto market.

For the Solana price, the crypto analyst explains that there is a massive cup and handle formation brewing on the chart. This formation is important as it is historically bullish and appeared back in 2021 when the Solana price hit its current all-time high above $250.

Furthermore, the crypto analyst also points to the Fibonacci extension, which suggests that the SOL price is headed for a new all-time high. This extension points to SOL climbing to $550 and even as high as $840, which would be a 450% move from its current value.

When it comes to market-wide bullishness, the crypto analyst pints to the Spot Ethereum ETFs as being another reason why the Solana price is headed for a new all-time high. The expectation that the Spot Ethereum ETFs will begin trading soon has already begun to propel price, with analysts predicting it will send the ETH price as high as $5,000.

SOL Sees Increased Buying Pressure

On its own, the Solana cryptocurrency is doing quite well so far. According to data from the on-chain token tracking website Coinmarketcap, the SOL daily trading volume is up more than 13% in the last day to bring its trading volume above $2 billion.

Given that the price has been rising in the last day, this suggests that the Solana price is seeing buying pressure, something that is bullish for the coin in the long run. Now, if this buying pressure continues, then the altcoin could be seeing a new all-time high soon.

Presently, the SOL price is trending just above $151, enjoying 4.59% gains in the last day. On the weekly and monthly charts, the price is up 7.22% and 5.08%, respectively.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed October Rate Decision Preview: Rate Hike Pause Has Become Consensus, How Will US Stocks, Dollar, and Gold React?The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Author TradingKey

8 hours ago

The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide

Anthropic files for a $2 trillion IPO — the $80.7 billion loss is the decoy, the $450 billion compute bill is the risk Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Author Irene Q.

13 hours ago

Anthropic publicly filed its S-1 on October 26, revealing $16.29 billion of first-half revenue (+1,304% year over year) and a $80.7 billion net loss — of which $72.4 billion is a non-cash convertible-note charge. The real number is the $450 billion of signed, mostly non-cancelable compute commitments. Here is what the filing says, why NVDA, ARM and MU are the tradeable read-through, and the conditions that decide whether the AI trade passes its first public valuation test.

Tesla jumps 5% as Barclays puts a $450 target on the SpaceX merger — the chart was already pointing to 431 Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Author Irene Q.

13 hours ago

Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.

Euro weakens below 1.1200 as traders brace for Fed, ECB rate decisions The EUR/USD pair extends the decline near 1.1170 during the early Asian trading hours on Tuesday, pressured by risk-off sentiment. Markets might turn cautious later in the day ahead of the US Federal Reserve (Fed) and European Central Bank (ECB) interest rate decisions later this week.

Author FXStreet

17 hours ago

The EUR/USD pair extends the decline near 1.1170 during the early Asian trading hours on Tuesday, pressured by risk-off sentiment. Markets might turn cautious later in the day ahead of the US Federal Reserve (Fed) and European Central Bank (ECB) interest rate decisions later this week.

Bitcoin Price Forecast: Drops Below $80,000 in Fifth Straight Loss, May Test $75,000 as FOMC Meeting Approaches Bitcoin falls below the $80,000 mark as the October FOMC decision approaches, threatening a further dip toward $75,000.On October 26, Bitcoin (BTC) again lost the key psychological mark o

Author TradingKey

Yesterday 10: 10

Bitcoin falls below the $80,000 mark as the October FOMC decision approaches, threatening a further dip toward $75,000.On October 26, Bitcoin (BTC) again lost the key psychological mark o

Popular Symbols