Solana’s Surge: Here’s Why This Analyst Is Predicting A Rise To $360
08 Mayo 2024 - 5:00PM
NEWSBTC
Recently, a popular crypto trader and YouTuber has predicted a
substantial surge in Solana price, forecasting it could reach as
high as $360 soon. This prediction is underpinned by a technical
pattern on Solana’s chart—a bullish signal suggesting a potential
reversal from bearish to bullish momentum. Related Reading: Bitcoin
ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It
As 3rd Largest Crypto Technical Insights Into SOL Potential $360
Rise According to the trader, CryptoJack on X, SOL has
developed a “rounding bottom pattern” over an extended period,
indicating it is on the brink of a significant breakout. Notably,
the ’rounding bottom’ pattern, characterized by a gradual decline
followed by a stabilizing trend and an upward breakout, is a
classic bullish indicator in technical analysis. CryptoJack’s
analysis points out that Solana is setting up for a significant
uptick, aiming for a price target double its current value of
approximately $146. Solana formed a rounding bottom pattern over
many weeks and is primed for an explosion any moment now. I entered
a Long position on $SOL and expect it to break ATHs this year!
#Solana pic.twitter.com/ApUazaXXz5 — CryptoJack (@cryptojack) May
8, 2024 Not only does CryptoJack see a bright future for Solana,
but other analysts, such as Altcoin Sherpa, also maintain a bullish
stance, with projections of the token potentially surpassing $500
this year. This would represent a 300% increase from its current
level, adding to the 589% growth it has already achieved
year-to-date. Solana Challenges Ethereum While Solana has shown
notable growth, some of its key metrics are also beginning to keep
up the pace. Dan Smith, a senior research analyst at Blockworks,
suggests that Solana could soon surpass Ethereum regarding
transaction fees and capture Maximal Extractable Value (MEV).
Smith’s analysis of X highlights that Solana’s total economic value
is nearing Ethereum’s, indicating its increasing relevance in the
blockchain space. Solana will flip Ethereum in transaction fees +
captured MEV this month, maybe even this week — Dan Smith
(@smyyguy) May 7, 2024 Despite this competition, Ethereum maintains
a significant lead in daily transaction fees and total value locked
(TVL). In the last 24 hours, Ethereum generated over $2.75 million
in fees, compared to Solana’s $1.49 million. Moreover, according to
data from DeFillama, Ethereum’s TVL of over $53 billion dwarfs
Solana’s $3.96 billion, representing just about 7.2% of Ethereum’s
scale. Related Reading: Eclipse And Neon EVM Drive Solana-Ethereum
Integration For Blockchain Interoperability Meanwhile, Ethereum
does not come close to Solana in terms of market performance.
Solana has seen quite outstanding growth in the past year, surging
by over 500%. On the other hand, Ethereum has only seen a 66% surge
over the same period. Featured image from Unsplash, Chart from
TradingView
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