Solana price has certainly been a master among rivals for the majority of 2021 with incredible gains. Moreover, it has maintained solid uptrend momentum throughout the year. The DeFi token confirmed bull ride vibes a couple of days before, manifesting an ignition of potential SOL Season.
The SOL price smashed an ATH of $215 on September 9th surging over 500% since August. Compelling interest in the DeFi and NFT marketplace shifted traders’ transition to Solana. Major institutional players in the space further invested in the ecosystem due to its solid potential to outperform Ethereum.
Analyst Predicts Solana Price to Go Parabolic!
Solana seems to be one of the unique projects and has the capacity to outstrip Ethereum with low gas fees and faster transactions. Meanwhile, the altcoin’s performance has been electrifying all year. According to popular crypto analyst CrediBull Crypto, the DeFi token is dominating the space. He highlighted the completion of altcoin’s macro 4th wave as a triangle since the start of the year. He is anticipating the 5th wave break out to uplift the price momentum beyond $500.
According to crypto analyst HamadaMart, the SOL price has risen from $27.43 to $215 with significant corrections along the way. The chart posted by him highlights Altcoin’s identical performance throughout the year. The digital coin broke a falling wedge pattern for the first time in January, thereafter the price took a major upswing by 400%. A similar pattern has been replicated in April and August too, where the price took a leg up by over 400%.
Also: Solana to Outperform Bitcoin and Ethereum! SOL Price to Hit $900 with 360% Upswing
However, the coin is on the verge of breaking a similar pattern for the 4th consecutive time. And this time the asset price is likely to go parabolic to soar beyond $900 by late Q4. On the contrary, bears could overtake the market once the altcoin reaches the 4 digits psychological mark. As per the shared metrics, the price may experience a correction of around $200 by early 2022.
Collectively, a continuation of the same pattern would become a serious threat to Ethereum and Cardano ecosystem in the near future. As RSI and MACD factors are green, Solana price could take a major leap to reach new highs.