Positive events have come for Solana (SOL), the high-performance blockchain network, indicating bullish momentum. In the last month, the price of Solana has risen by 84%, and is currently trading at $56.
With gains of 18 out of the previous 30 days and price volatility of 22.32%, Solana is still a force to reckon with. In that span of time, SOL’s price surged by a staggering 78%, from $32 to $57.
The ecosystem is much more excited now that Binance has listed BONK, a meme coin based in Solana. Further evidence of Solana’s commitment to the arts is the creation of Artists in Residence, a bustling studio that showcases the variety of art forms involved in the project.
Introducing Artists in Residence: A living studio, curated to showcase the diversity of art in the Solana ecosystem.
Witness the artists create live at @ArtBasel Miami Beach & celebrate a dimension of creative expression that is only possible on Solana.https://t.co/jMFWmVE31d pic.twitter.com/p9IjB8pGKd
— Solana (@solana) November 20, 2023
Analyst’s Bullish Prognosis: Solana’s Surge As Ethereum Challenger
Bluntz, a well-known pseudonymous cryptocurrency expert, has shared an intriguing forecast for Solana (SOL), predicting a strong rebound and an upward trend for the virtual asset.
Bluntz recently stated in a YouTube presentation that Solana’s native cryptocurrency, SOL, which is a strong competitor to Ethereum (ETH), has a potential to hit the $80 level.
Based on his research, Solana looks to be about to experience a significant uptick, indicating possible buying opportunities as it stands as a formidable Ethereum substitute in the cryptocurrency market.
The Elliott Wave theory, a popular technical analysis approach in trading that Ralph Nelson Elliott created in the 1930s, is the main focus of Bluntz’s analysis.
Elliott Wave theory states that price movements in financial markets typically follow a natural rhythm that consists of five waves that follow the trend and three waves that correct it.
Bluntz said that Solana has effectively passed through its corrective phase—a pivotal point that suggests there may be a big upswing.
His analysis indicates that this pattern marks the end of Solana’s declining price trend and the beginning of a new growing phase for the cryptocurrency.
SOL market cap currently at $23.205 billion on the daily chart: TradingView.com
SOL market cap currently at $23.205 billion on the daily chart: Solana’s Anticipated Triple-Digit Surge In 2024
Meanwhile, X account @AltcoinSherpa, a crypto analyst, is optimistic about SOL. After analyzing the SOL price pattern, the analyst stated that a sub-$50 entry would be excellent and that they expected the SOL price to correct.
The price of Solana has been rising since mid-October 2023, and reaching its 2023 peak of $68.20 on November 16 before a decline started.
AltcoinSherpa projects that the price of SOL would soar to three figures in 2024.
1/ Exciting times for the Solana community as we delve into the post-Breakpoint era! 🌐 Solana Breakpoint 2023 in Amsterdam was a game-changer, fueling a massive 140% surge in $SOL and an overall ecosystem rebound. 📈 Let’s break down the highlights! pic.twitter.com/cF2Na7a97O
— CoinEx Global (@coinexcom) November 24, 2023
In a related development, CoinEx Research, the research and development arm of the CoinEx cryptocurrency exchange site, talked about the top Solana ecosystem trends in Q4 2023.
The recent Solana Breakpoint 2023, a yearly Solana community event in Amsterdam, was the clear cause of the huge surge in the SOL-focused ecosystem, according to CoinEx Research.
Owing to all of these elements, market analysts have projected a bullish price for Solana. By December 2023, they predict its worth to have increased to $60 or more, indicating a strong growth and potential for innovation.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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