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A prominent analyst has forecast a potential 2,600% surge for Solana, with its price set to hit $4,500. The crypto’s recent chart patterns signal a strong continuation of its upward trend.
Bullish Chart Points Solana to $4,500
The weekly chart for SOL indicates a cup-and-handle formation, suggesting that the price of Solana has the potential to climb 2,600% and reach $4,500. In most cases, a bullish pattern indicates that an uptrend will likely continue. This trend begins in earnest in 2022, when, after the collapse of FTX, the cryptocurrency plummeted from about $206 to as low as $9.20.
Prior to the price decline, SOL was experiencing an uptrend that was going to push it beyond its present all-time high (ATH) of $260. That being said, this price spike is just the latest chapter in the price uptrend that started in 2022 but got stalled due to FTX's bankruptcy.
Analyst Predicts Higher Solana Target than $1,400
Compared to crypto expert Titan of Crypto's prediction that SOL will reach $1,400, this chart analysis presents a more optimistic picture for the Solana price. Nonetheless, he drew attention to a bull flag that had developed on SOL's chart, thus his analysis is comparable to this.
Another bullish pattern that suggests an uptrend will resume after consolidation is the bull flag. If the price rise to four digits occurs, it will likely occur next year and signify the market peak in this bull run, according to the cup-and-handle and bull flag analyses.
Short-Term Targets for Solana Price Rally
For the time being, all eyes are on the Solana price target for the month's end. A CoinGape study predicts that the coin will most likely go towards $190–$195, with the possibility of further gains and trading in the $230–$250 region, near its present ATH.
The fact that the Solana network has more DEX volume than any other chain is good news for the price of Solana. The network outperforms rival chains in terms of weekly and daily volumes, according to DeFiLlama data.
Solana Dominates Ethereum in DEX Volume
While Ethereum generated $1 billion in trading activity over the last 24 hours, the Solana network saw $2.17 billion. Similarly, with $12.8 billion compared to $8.8 billion for ETH, SOL has the upper hand in weekly DEX volume.
Predictions that SOL could topple ETH or at least threaten its dominance in this market cycle have been bolstered by the concept that Solana is becoming the new home of DeFi.
Solana Outpaces Ethereum in the 2024 Bull Run
Even while it's still a tall order, it's worth noting that Solana is now riding this bull run better than Ethereum. Compared to ETH's 17% growth so far this year, SOL's YTD gain is almost 63%.
