The post Solana’s path to $4,000 now open after hitting ATH appeared on BitcoinEthereumNews.com.

With Solana (SOL) trading at a new record high, the decentralized finance (DeFi) token’s technical indicators suggest it is primed for further upside. Specifically, Solana has completed Base 2 of its parabolic curve pattern, setting the stage for a climb toward the $1,000 range, known as Base 3, according to an analysis by Trader Tardigrade shared in an X post on November 22. According to the outlook, SOL’s journey began with Base 1, where Solana consolidated in the $20 price range, laying the foundation for further gains. Base 2 was recently completed around the $150 range. Looking ahead, the roadmap points to Base 4, a speculative target in the $4,000 range. If the parabolic curve pattern holds, Solana will likely become one of the most valuable assets in the market. SOL price analysis chart. Source: TradingView Significance of Solana hitting $4,000 To this end, if Solana were to achieve a valuation of $4,000, it would command a market capitalization of about $1.9 trillion, putting it on par with Bitcoin (BTC), which has a market cap of $1.947 trillion as of press time, assuming minimal growth in Bitcoin’s current valuation. Such significant capital inflows would likely require contributions from institutional players. Notably, anticipating such inflows has partly driven Solana’s current rally to record highs, fueled by the potential rollout of a related exchange-traded fund (ETF). With Donald Trump’s election, the chances of additional ETFs—beyond Bitcoin and Ethereum (ETH)—have accelerated. This development is seen as more feasible with Gary Gensler’s exit as chairman of the Securities and Exchange Commission. VanEck and 21Shares are among the firms seeking to launch a Solana spot ETF. Attention will now turn to whether Solana can emulate Bitcoin’s trajectory and rally further if the ETF is approved. To this end, as reported by Finbold, an artificial intelligence…

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Filed under: News - @ November 22, 2024 6:27 pm