Solana price made a strong breakout on the long-term time frame chart, forming a cup-and-handle pattern. Crypto analysts believe that massive upside for SOL could be possible in the future bull run. With an increase of over 200% in 2024, Solana now has a market cap of over $100 billion. SOL Coin was one of the altcoins that performed well throughout the year.
Solana’s Potential to Reach $4,000
Famous crypto analyst Ali Martinez predicts an optimistic future for Solana (SOL) and states that the altcoin can rise up to $ 4,000. This prediction is based on analysis of the classic “cup handle” chart pattern. This ambitious target reflects growing confidence in the Solana ecosystem and its long-term price trajectory.
While this price target is a long-term projection, SOL’s Bitcoin $97,963.4It means reaching its current market value of $2 trillion. However, market analysts say the mega SOL rally is not over yet and expect to see at least $600 levels (in ATH) in the upcoming bull run and $420 levels by Christmas.
“Bottom formations are usually violent events and take some time, but generally those willing to buy are rewarded.” – Altcoin Sherpa
Crypto analyst Altcoin Sherpa shared an optimistic outlook for Solana price.
SOL ETF Approval and Challenges
While the market has long awaited approval of a spot Solana ETF, recent reports suggest that the current administration of the US SEC is unwilling to consider it. Crypto market analysts believe this could be possible following the appointment of the SEC chairman in January.
Market players such as BITWISE, VanEck, 21Shares, Canary Capital and Grayscale have filed spot Solana ETF applications in recent months. Currently, SOL price is trading around $228 and its market cap is over $103 billion.
According to Coinglass data, Solana’s 24-hour liquidation volume is 14 million dollars, and long position liquidations are at 10 million dollars after the last drop. CryptoQuant analysis says that Solana is one of the altcoins that could reach new all-time highs following the healthy corrections it has experienced over the past two weeks.
Increasing confidence in the Solana ecosystem and technical indicators support analysts’ high price targets.
For investors who follow market trends, Solana’s future looks promising. However, considering the volatile nature of crypto markets, it is important to invest carefully and consciously. Although 4 thousand dollars seems possible on paper according to the long-term cup handle model, the general market size must expand at a similar rate for this rise that will lead to a huge market value.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
