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.

Solana price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Charlie Kirk’s Death Becomes a Crypto Flashpoint With ‘Justice’ TokensThe launch of new tokens following headline-making events is not new in the crypto market.
Author  Beincrypto
Sep 11, Thu
The launch of new tokens following headline-making events is not new in the crypto market.
placeholder
Solana Price Forecast: SOL eyes record highs as institutional demand, on-chain metrics underpin rallySolana (SOL) price trades in green, above $242 at the time of writing on Monday, after breaking out of a parallel channel last week with bulls aiming for record highs.
Author  FXStreet
21 hours ago
Solana (SOL) price trades in green, above $242 at the time of writing on Monday, after breaking out of a parallel channel last week with bulls aiming for record highs.
placeholder
Top 3 Price Prediction: BTC steadies, ETH finds support, XRP breaks bullish pattern Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) hover around key levels after recovering by nearly 4%, 7%, and 6%, respectively, last week.
Author  FXStreet
21 hours ago
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) hover around key levels after recovering by nearly 4%, 7%, and 6%, respectively, last week.
placeholder
Gold bulls not ready to give up yet amid Fed rate cut bets and geopolitical risksGold (XAU/USD) kicks off the new week on a softer note, though it manages to reverse an Asian session dip to the $3,627-3,626 area and currently trades near the top end of a one-week-old trading range.
Author  FXStreet
21 hours ago
Gold (XAU/USD) kicks off the new week on a softer note, though it manages to reverse an Asian session dip to the $3,627-3,626 area and currently trades near the top end of a one-week-old trading range.
placeholder
Forex Today: Big central bank week begins in a calm mannerMajor currency pairs trade in familiar ranges to start the week as investors gear up for key macroeconomic data releases and central bank meetings.
Author  FXStreet
19 hours ago
Major currency pairs trade in familiar ranges to start the week as investors gear up for key macroeconomic data releases and central bank meetings.
goTop
quote