Solana’s (SOL) upward trajectory appears unwavering, as it recently surpassed BNB, ascending to the fourth rank among cryptocurrencies, with its sights set on establishing a new all-time high (ATH).
Is a 70% Surge for Solana on the Horizon?
Crypto analyst Ali Martinez has shared insights suggesting a bright future for Solana, driven by growing investor optimism. According to Martinez, the negation of the TD sell signal on Solana’s daily chart heralds a significant bullish sentiment shift, potentially replicating the remarkable price surge Solana experienced in December 2023. He anticipates Solana could see a further 70% rally before encountering the next sell signal.
Currently, Solana has reclaimed the $200 price level after a prolonged period, boasting a 111% increase over the last 60 days, with an additional 38% gain in just the past week. At present, Solana trades at around $204, with its 24-hour trading volume slightly reduced by 11% to $10.7 billion. Holding a market cap exceeding $90 billion, Solana now stands as the fourth largest cryptocurrency.
Factors Fueling Solana’s Price Surge
Solana’s market performance has surpassed investor expectations, flipping the narrative around the “Sam Bankman-Fried curse” into a positive outcome for its holders. The token has experienced a meteoric rise, securing a 2,468% gain since dropping to single digits in December 2022.
The growing investor interest in Solana is evident, with the token drawing attention across various metrics. Notably, the meme coin sector within the Solana ecosystem, featuring tokens like dogwifhat (WIF) and Book of Meme (BOME), has seen significant activity.
Google Trends data underscores the increasing interest in Solana, with searches for the cryptocurrency reaching new highs, surpassing previous records to hit a peak of 100. This heightened interest positions Solana as a formidable competitor to Ethereum and a favorite among investors.
Looking forward, the price trajectory of Solana suggests the potential onset of a second bullish wave. To sustain this momentum and ward off a possible pullback, it’s crucial for SOL to maintain closes above the $200 mark in the upcoming days.
Not a financial Advice.