The Solana Price could enjoy a 26x increase from its current price and rise to as high as $4,500. This is based on an analysis of a cup and handle pattern that just formed on the coin’s chart. This provides a bullish outlook for SOL, which is already bullish territory thanks to its fundamentals, which have contributed to recent price gains.

The Solana Price Can Reach $4,500

SOL has formed a cup-and-handle pattern on its weekly chart, which shows that the Solana price can surge by 2,600% and rise to $4,500. The bullish pattern usually signifies the continuation of an uptrend. This pattern extends way back to 2022 when the crypto dropped from around $206 to as low as $9.20 following FTX’s collapse.

Before the price drop, SOL was witnessing an uptrend, which was set to send it past its current ATH of $260. Therefore, this price surge is simply a continuation of the price rally which began in 2022 but was derailed by FTX’s collapse.

This chart analysis provides a more bullish outlook for the Solana price than crypto analyst Titan of Crypto’s forecast that SOL will hit $1,400. However, his analysis is similar to this as he highlighted a bull flag which formed on SOL’s chart.

The bull flag is also a bullish pattern that hints at an uptrend continuing after a period of consolidation. Based on the cup-and-handle and bull flag analysis, the price surge to four digits, if it happens at all, will likely occur next year and will mark the market top in this bull run.

In the short term, the focus is on how high the Solana price can reach by the end of this month. According to a CoinGape analysis, the coin will likely move towards $190 and $195 and could rise higher and trade between the $230 to $250 range, close to its current ATH.

Solana Is Currently Ahead Of Other Chains

The Solana network is well ahead of other chains in decentralized exchange (DEX) volume, which is a bullish development for the Solana price. DeFiLlama data shows the network is leading other chains in weekly and daily volumes.

In the last 24 hours, the Solana network has witnessed DEX trading volume of $2.17 billion, well ahead of Ethereum, which recorded $1 billion during this period. Similarly, SOL is ahead of ETH in weekly DEX volume with $12.8 billion to $8.8 billion.

The narrative that Solana is becoming the new home of DeFi is getting stronger, and this has also strengthened predictions that SOL could flip ETH or at least challenge its dominance in this market cycle.

While that remains a big ask, it is worth mentioning that the Solana price is currently outperforming the Ethereum price in this bull run. SOL boasts a year-to-date (YTD) gain of over 63% compared to ETH’s 17%.

The post Top Analyst Predicts Timeline For Solana Price To Reach $4,500 appeared first on CoinGape.

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Filed under: News - @ October 21, 2024 7:20 pm