The post Solana Eyes Previous ATH As Top Analyst Says “Market is Poised For Action Post-Halving” appeared on BitcoinEthereumNews.com.

Solana is capturing significant attention as top analysts predict the crypto markets are gearing up for substantial post-halving action. This optimistic sentiment is emerging amid broader market anticipation of Bitcoin re-testing its previous all-time high (ATH) of $70,000, which is expected to fuel increased market activity. Solana, known for its speed and low transaction costs, is poised to benefit from this bullish environment. In the last 24 hours, the SOL price has risen by 0.6%, even as the total cryptocurrency market cap dipped by 0.6%. Meanwhile, Bitcoin is trading at $67,803, marking a 0.9% increase, reinforcing cautious optimism as traders eye a potential breakout for Solana. What Analyst’s Prediction Means For Solana Macro Researcher Axel Adler Jr. shared his thoughts on X, noting that the market is poised for action post-halving. An analysis of Bitcoin price behavior following its four halving events shows that it experiences exponential growth after each halving due to reduced supply and heightened demand.  Historical Halving Growth 1st Halving (2012): Bitcoin surged 9,000% in the bull run that followed, marking the transition of BTC from a niche asset to a widely recognized investment. 2nd Halving (2016): BTC experienced a 2,800% increase after this halving, reaching its then-peak near $20,000 by late 2017. 3rd Halving (2020): Bitcoin saw a 714% rally following the most recent halving, topping around $69,000 in late 2021. 4th Halving (April 2024): Historically, the price tends to surge after halving. Growth projections suggest a similar or slightly moderated percentage gain compared to past halving cycles. Adler is convinced SOL could benefit from the overall positive market sentiment expected post-halving. Due to its high throughput and low transaction costs, Solana has positioned itself as a leading blockchain platform. The network’s ability to handle thousands of transactions per second makes it an attractive option for DeFi applications and…

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Filed under: News - @ October 18, 2024 1:24 pm