On Wednesday, the Solana price surged 1% to challenge the monthly resistance line of $160. The bullish outlook is fueled by the rising Total Value Locked (TVL) in Solana’s ecosystem and the anticipation surrounding Grayscale’s recent filing for a multi-crypto ETF. As the SOL price closes a key breakout, analysts hint at the potential for a new ATH of $1000.
Analysts Pinpoint Crucial Levels for Solana Before Breaking $1,000
In a recent tweet, the crypto trader slurpxbt suggested the Solana price is on the verge of a breakout, highlighting that a move 10% higher could confirm the trend’s start. He added that the SOL price has been consolidating for the past eight months, and a bullish breakout could drive a substantial rally.
Slurp also indicated a possible 10% drop would be insignificant in the broader picture. While an immediate entry is not advised, the analyst portrays a long-term bullish outlook for SOL price.
Moreover, a prominent crypto commentator, Eugene Ng Ah Sio, has recently posted his price range targets for leading digital assets BTC, ETH, and SOL for the end of the current market cycle.
Assuming Donald Trump’s victory in the U.S. presidential election and a soft landing for the U.S. economy, analysts show Bitcoin to land between $100,000 and $200,000, Ethereum between $4,000 and $6,000, and Solana price to range from $500 to $1,000.
Ng’s post also noted that the global crypto market will reach $5-$10 trillion, indicating an optimistic outlook for the crypto industry. The tweet highlights the market is at “Leg 2” of the bull cycle, a suitable period for traders to lock in their investments.
SOL Bullish Momentum Builds as TVL Crosses $6 Billion Mark
According to DeFiLlama, the SOL’s total volume locked (TVL) has recently breached the $6 Billion level, signaling a crucial milestone for the network. The rise in TVL indicates investors growing confidence in Solana’s ecosystem as more capital flows into its decentralized finance (DeFi) platforms.
In addition, the TVL increase aligns with the buzz surrounding Grayscale’s recent filing to convert its Digital Large Cap Fund, which includes SOL, into an exchange-traded fund (ETF).
SOL Price Analysis Signals Major Breakout From Reversal Pattern
By the press, Solana price prediction trades at $156 while boosting a market cap to $73.58 Billion. An analysis of the daily chart shows the altcoin is 2.75% away from challenging the neckline resistance of an inverted head and shoulder pattern.
A potential breakout from the $160 region will bolster the bullish momentum and drive a 13% rally before buyers break the resistance of the current consolidation.
On the other hand, if Solana price fails to breach $160 or $180 overhead resistance, the sellers could force a prolonged consolidation for crypto holders.
Frequently Asked Questions (FAQs)
The increase in Solana’s TVL, now over $6 billion, indicates rising investor confidence and capital inflow into its DeFi ecosystem.
Solana is currently forming an inverted head and shoulders pattern on the daily chart. If the price breaks above the $160 neckline resistance, it could trigger a 13% rally, signaling a major bullish reversal
According to analysts, Solana could reach between $500 and $1,000 by the end of this market cycle, especially if macroeconomic conditions, such as a Trump election victory and a soft U.S. economic landing, align as expected
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analysts-buy-sol-solana-price-ath-of-1000/
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