Revving Up: Solana Bulls Ready To Charge As Analysts Predict Rally Beyond $80
November 28 2023 - 7:00AM
NEWSBTC
Positive events have come for Solana (SOL), the high-performance
blockchain network, indicating bullish momentum. In the last month,
the price of Solana has risen by 84%, and is currently trading at
$56. With gains of 18 out of the previous 30 days and price
volatility of 22.32%, Solana is still a force to reckon with. In
that span of time, SOL’s price surged by a staggering 78%, from $32
to $57. The ecosystem is much more excited now that Binance has
listed BONK, a meme coin based in Solana. Further evidence of
Solana’s commitment to the arts is the creation of Artists in
Residence, a bustling studio that showcases the variety of art
forms involved in the project. Introducing Artists in Residence: A
living studio, curated to showcase the diversity of art in the
Solana ecosystem. Witness the artists create live at @ArtBasel
Miami Beach & celebrate a dimension of creative expression that
is only possible on Solana.https://t.co/jMFWmVE31d
pic.twitter.com/p9IjB8pGKd — Solana (@solana) November 20, 2023
Related Reading: XRP Market Drama: Ups, Downs And The $3 Horizon –
Experts Weigh In On The Future Analyst’s Bullish Prognosis:
Solana’s Surge As Ethereum Challenger Bluntz, a well-known
pseudonymous cryptocurrency expert, has shared an intriguing
forecast for Solana (SOL), predicting a strong rebound and an
upward trend for the virtual asset. Bluntz recently stated in a
YouTube presentation that Solana’s native cryptocurrency, SOL,
which is a strong competitor to Ethereum (ETH), has a potential to
hit the $80 level. Based on his research, Solana looks to be about
to experience a significant uptick, indicating possible buying
opportunities as it stands as a formidable Ethereum substitute in
the cryptocurrency market. The Elliott Wave theory, a popular
technical analysis approach in trading that Ralph Nelson Elliott
created in the 1930s, is the main focus of Bluntz’s analysis.
Elliott Wave theory states that price movements in financial
markets typically follow a natural rhythm that consists of five
waves that follow the trend and three waves that correct it. Bluntz
said that Solana has effectively passed through its corrective
phase—a pivotal point that suggests there may be a big upswing. His
analysis indicates that this pattern marks the end of Solana’s
declining price trend and the beginning of a new growing phase for
the cryptocurrency. Related Reading: The Dogecoin Surge: Unveiling
The Catalyst Behind Rising Transactions SOL market cap currently at
$23.205 billion on the daily chart: TradingView.com Solana’s
Anticipated Triple-Digit Surge In 2024 Meanwhile, X account
@AltcoinSherpa, a crypto analyst, is optimistic about SOL. After
analyzing the SOL price pattern, the analyst stated that a sub-$50
entry would be excellent and that they expected the SOL price to
correct. The price of Solana has been rising since mid-October
2023, and reaching its 2023 peak of $68.20 on November 16 before a
decline started. AltcoinSherpa projects that the price of SOL would
soar to three figures in 2024. 1/ Exciting times for the Solana
community as we delve into the post-Breakpoint era! 🌐 Solana
Breakpoint 2023 in Amsterdam was a game-changer, fueling a massive
140% surge in $SOL and an overall ecosystem rebound. 📈 Let’s break
down the highlights! pic.twitter.com/cF2Na7a97O — CoinEx Global
(@coinexcom) November 24, 2023 In a related development, CoinEx
Research, the research and development arm of the CoinEx
cryptocurrency exchange site, talked about the top Solana ecosystem
trends in Q4 2023. The recent Solana Breakpoint 2023, a yearly
Solana community event in Amsterdam, was the clear cause of the
huge surge in the SOL-focused ecosystem, according to CoinEx
Research. Owing to all of these elements, market analysts have
projected a bullish price for Solana. By December 2023, they
predict its worth to have increased to $60 or more, indicating a
strong growth and potential for innovation. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Shutterstock
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024