Expert Predicts 1650% Price Increase Based On This Pattern
Solana (SOL), currently the sixth-largest coin by market capitalization, has resumed its bullish trajectory, recently regaining the $230 price level, as the broader cryptocurrency market rebounds following the election of Donald Trump on November 5.
Solana price surged nearly 7% on Wednesday, reaching $232 after a two-week correction period after hitting an all-time high of $263 on November 23.
Will Solana price jump to $4,000?
Recent price action suggests that Solana may not only retest its previous peak, but potentially significantly exceed it.
Cryptocurrency analyst Ali Martinez highlighted a bullish “cup-and-handle” pattern forming on Solana’s one-month chart, show Potential for a significant uptrend.
Martinez predicts that if this model comes to fruition, Solana could rise by more than 1,650%, setting a new record price of $4,000 per token.
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However, analysts are divided on Solana’s future trajectory. And some, like Cryptorangutan, emphasize Current momentum indicators and established buying pressure predict a surge towards the $300 mark, while others urge caution.
On the other hand, MoreCryptoonl analysts said, point out The retracement structure is complete, indicating a clear downward trend in the five-wave trend. The analysis suggests that while a recovery rally is underway, it remains uncertain whether it will develop into a bullish pattern or an ABC correction structure.
Total value locked reaches US$9.198 billion
While technical signals are mixed, key financial indicators paint a largely positive picture for Solana. according to According to CoinMarketCap, Solana has a market capitalization of approximately $112.73 billion, positioning Solana as the sixth-largest cryptocurrency.
Additionally, its total value locked (TVL) has reached $9.198 billion, reflecting continued interest in its decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) trading volume fell by 25% to $28 billion, indicating some volatility in trading activity.
Recent developments in the market have further fueled the narrative surrounding Solana. grayscale Archive The launch of the U.S. spot Solana ETF has generated buzz as the cryptocurrency community anticipates the potential for increased institutional investment.
Additionally, the Jupiter project revised its $1.6 billion airdrop after a failed vote, while the Pump.fun platform set a record income Revenue in November was $93 million, albeit down 66% week-on-week.
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In the DeFi space, Solana has slipped to third place as Tron’s TVL surged 78% to $13 billion, but still maintains a strong lead with 5.56 million active addresses.
However, the recent decline in DEX revenue and volumeIn particular, Raydium fell by 8.22%, indicating that trading activity within the ecosystem needs to stabilize.
Featured images from DALL-E, charts from TradingView.com
