Analyst Says Solana Will Go Ballistic In The ‘Mania-Like Stage”, Targets $600
August 01 2024 - 6:30AM
NEWSBTC
Solana is one of the top performers in the top 10, looking at the
performance over the last year of trading. After plunging to around
$8 after the collapse of FTX, prices went on to recover steadily
throughout 2023 before rising to as high as $210 in March 2024. Is
SOL Ready For The “Mania-Like Stage”? While SOL prices are cooling
off at spot rates, retracting from this week’s highs, some analysts
are confident. Taking to X, one analyst believes the coin is within
a breakout formation after clearing above a re-accumulation
structure. For what’s there, SOL, the analyst added, is “ripe to
push higher.” Related Reading: Bitwise CIO On Bitcoin: ‘We’re Not
Bullish Enough’ – Here’s Why If bulls flow back, reversing recent
weakness, Solana could easily glide higher, entering what the
analyst described as a “mania-like stage.” Looking at the SOL
candlestick arrangement, the analyst predicts that SOL will rip
higher, breaking above the all-time highs of around $260 recorded
in 2021. Afterwards, the coin is highly likely to scale out
aggressively. By the trader’s estimation, Solana can quickly rally
to as high as $600 if buyers take over. Still, only time will tell
whether Solana Bulls have what it takes. From the SOLUSDT chart,
the coin gained nearly 40% after sinking to as low as $122 in July
2024. There is a double top at around $190, though more obstacles
lie at around the $200 to $210 resistance zone. Technically, SOL is
within a bullish formation. If prices stay above $160, the
resulting momentum could propel the coin above the immediate
liquidation zone, spurring more demand. Solana Finds Rapid
Adoption, Flips Ethereum In Key Metrics Possible drivers would be
fundamental factors, especially in the adoption and regulatory
development fronts. Increasingly, more meme coin projects are
launching on Solana, taking advantage of the platform’s high
throughput and low fees. Related Reading: Market Experts Update
Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? The
proliferation of meme coins on the modern blockchain has also
pushed DEX activity higher, challenging, and, in some instances,
surpassing those posted on Ethereum. By the end of last week,
Solana, one analyst observed, surpassed Ethereum in total gas fees
and maximum extractable value (MEV) tips. Despite these impressive
metrics, BlackRock is hesitant to embrace SOL and launch spot ETFs
in the coming days. A BlackRock executive said the company’s
current focus is on spot Bitcoin and Ethereum ETFs since they align
with their investment criteria. Feature image from DALLE, chart
from TradingView
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