Is Solana Still Primed to Launch a Bullish Attack to Reach $1000? Here’s What You Need to Know
Bitcoin price has crossed six figures and reached the $100,000 milestone, which was predicted long before the 2021 bull run. Meanwhile, most of the coins in the top 10 cryptocurrencies, such as ETH, XRP, ADA, and DOGE, are yet to be marked with new ATH. Although Solana managed to hit new highs, its price was only a few dollars higher than the previous one. As a result, market participants believe these coins have greater upside potential, and Solana’s cap target is expected to be well above $500.
SOL is the fifth largest token and is growing in popularity due to the increase in transaction activity on the Solana chain. The increase in DEX trading volume, spot trading volume, and the launch of new projects on the chain all indicate a bullish outlook. at present, SOL price is trapped within a descending parallel channel and has just triggered a rebound from lower support. SOL price rose 8% and is about to rise above $230.
Does this indicate that the price may maintain its sharp rise and break out to a new high of $300 before the end of 2024?
The long-term price action of SOL price suggests that the coin is ready to suffer a bearish setback in the near future. The coin broke above a new ATH but failed to clear the resistance zone between $251.54 and $265.09, leading to a pullback towards $200. Meanwhile, bulls have begun to recover, but bears appear to have a firm grip on the rally. Therefore, the coin is likely to witness a long-term correction, which could drag its price below $200.
The RSI showed bearish divergence before entering overbought territory, while the MACD indicated declining buying volume. Additionally, these levels may witness a bearish crossover in the short term, validating a move toward upward support. Additionally, trading volume remains at a decent level, which is expected to keep the coin’s volatility in check.
Bitwise, a popular asset management firm that operates spot BTC and ETH ETFs, predicts that they will join Bitcoin, Ethereum, and Solana to form the new ATH. It is said that the highest price of BTC is about $200,000, ETH is $7,000, and SOL is $750. While demand for new ATHs at $1,000 is expanding, reaching $750 may be fair play, with a bullish close in 2024 marking new ATHs above $275. Otherwise, Solana price is expected to remain in secular accumulation well into the future.
