Home Coin news Solana Eyes $600 Price in Next Crypto Bull Run

Solana Eyes $600 Price in Next Crypto Bull Run

29 Feb, 2024 Coin news

Solana Eyes $600 Price in Next Crypto Bull Run

Solana is anticipated to experience a bull run in the current cryptocurrency market surge, led by Bitcoin, according to Hansolar, an independent market analyst.

Hansolar’s optimism for Solana is based on its potential to mirror the price movements of Ether (ETH) seen in past bull markets, such as the 2020-2021 cycle where ETH's value skyrocketed following Bitcoin's breaking of new records.

He suggests that Bitcoin’s potential climb to new highs could similarly propel Solana, potentially driving its value up by nearly 450% from its current price, targeting $600, as forecasted by Fundstrat’s Tom Lee in light of ETF approval prospects.

Recent data showcases Solana’s increasing network adoption, with its total-value-locked (TVL) reaching a new peak since January 2023.

This growth in TVL, alongside a notable rise in daily fee payers and transaction volumes across decentralized exchanges and NFTs, points to a robust demand for Solana tokens.

The network’s performance and the formation of a bullish continuation pattern on its daily chart suggest a near-term price target of $200 for Solana, marking a significant potential uptick from its current valuation.

Sources:

https://cointelegraph.com/news/solana-price-surge-potential-crypto-bull-cycle

https://messari.io/project/solana/quarterly-reports/q4-2023

https://coinmarketcap.com/currencies/solana/

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