Crypto Analysts Expect Solana to Breach $400
19 Nov, 2024 ● Coin news
On Nov. 18, Solana reached a new yearly high of $248.44, with its weekly candle closing at its second-highest level ever, trailing only behind the all-time high weekly close from November 2021.
Solana is currently 8% below its all-time high of $260, and several analysts anticipate a period of price discovery for the fourth-largest cryptocurrency.
Unlike some other crypto assets such as XRP, Cardano, and Stellar, Solana’s price movement hasn’t experienced a steep, parabolic rise over the past few weeks.
However, its onchain metrics have shown strong fundamental activity, indicating a vibrant ecosystem.
According to DefiLlama, Solana’s decentralized exchange (DEX) volume reached a new weekly record of $41.2 billion last week.
This volume more than doubled previous highs, which were around $18 billion just the week before and $17.5 billion in March 2024.
Solana’s total volume share has surpassed that of the Base, Arbitrum, and Ethereum networks combined.
Over the past 24 hours, Solana held 48.27% of total volume, with the Base network in second place at 10.55%.
Aylo, a crypto researcher, drew a comparison between Solana and Ethereum, noting that Ethereum’s DEX volume peaked at $37 billion in May 2021. Aylo remarked:
“If SOL can hit a new ATH vs BTC then it will achieve something that ETH couldn’t manage last cycle. Even with DeFi and NFT mania, ETH didn’t come close to its ATH against BTC set in June 2017.”
Titan of Crypto, an independent onchain analyst, identified a bullish pattern forming on Solana’s monthly chart, which is breaking out in a positive manner.
The chart showed the development of a cup-and-handle pattern, known for a high success rate of 95% and an average profit yield of 54% from the breakout. The analyst noted:
“Once it clears its previous ATH, it could soar straight to $400!”
This bullish pattern on the long-term chart suggests continued uptrend strength. Jelle, another independent analyst, pointed out that Solana has turned its previous yearly highs into support.
Additionally, CoinGlass data revealed that Solana has positive spot buy volumes, ranking just behind Bitcoin among the top 10 crypto assets (excluding stablecoins).
Sources:
https://defillama.com/chain/Solana?volume=true&groupBy=weekly&tvl=false
