• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Will Solana (SOL) Price Hit $1000 in the Upcoming Bull Run?

user avatar

by Giorgi Kostiuk

2 years ago


As the month or year's first half concludes, the cryptocurrency markets witness notable strength, particularly in tokens such as Solana. Solana's price has managed to remain above a bullish threshold, hinting at a potential surge in buying activity that could trigger a robust uptrend in the near future. Despite closing the weekly trade on a positive note, Solana's price is expected to undergo a period of consolidation before further advancements. The current market conditions indicate that bulls are steadily accumulating gains, with the price holding within a narrow range above the $144 support level. The ongoing upward trend throughout the day's trading session suggests that Solana is poised to end the monthly trade with a bullish tone, having already confirmed its price bottoms. The token's consolidation phase echoes a previous pattern that led to a substantial price increase of nearly 1000% to achieve an all-time high of $260. The looming question is whether SOL price will witness a similar surge and reach $1000. Analysis of Solana's historical chart reveals a familiar price action reminiscent of the period before the 2021 bull market rally commenced. The accumulation pattern and RSI levels mirror previous phases, with decreasing volume signaling bullish prospects for the cryptocurrency market. While technical analysis hints at an impending breakout from consolidation, the accumulation phase is still unfolding. Consequently, Solana (SOL) price is anticipated to demonstrate a gradual ascent within a triangular formation, touching around $145 before surging to interim peaks near $165. By the conclusion of the third quarter trade, the price is projected to converge at the triangle's apex and set off on a fresh bullish trajectory towards higher price targets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

XRP Community Speculates on Price Surge After Banking Approval

chest

The XRP community is buzzing with speculation that Ripple's banking approval could lead to unprecedented price levels for XRP.

user avatarMaya Lundqvist

RealFi and Shopify Collaborate on XRP Ledger Payment Rewards Application

chest

RealFi Payment Solutions has partnered with Shopify to create a payment rewards application powered by the XRP Ledger.

user avatarKaterina Papadopoulou

US-Iran War Escalates with New Strikes

chest

The US-Iran war has escalated with fresh strikes from both sides, dampening hopes for a peace deal. The US military shot down four Iranian drones and attacked a ground control station in Bandar Abbas, while Iran retaliated by striking an American airbase in Kuwait. This escalation has led to a significant decline in Bitcoin's price.

user avatarLeo van der Veen

Charles Hoskinson Shifts Focus to Cardano Following Clinic Closure

chest

Charles Hoskinson announced the closure of his family-backed medical clinic in Wyoming, emphasizing a shift in focus towards Cardano and other crypto projects.

user avatarAisha Farooq

Orbital Partners with Banking Circle to Enhance Stablecoin Settlement in Europe

chest

Orbital partners with Banking Circle to enhance stablecoin settlement and multicurrency payment capabilities across Europe.

user avatarLi Weicheng

Strive Asset Management Introduces Innovative Bitcoin-Backed Securities

chest

Strive Asset Management has launched SATA preferred shares, the first listed US security to pay daily dividends, with a 13% annualized rate, aiming to reshape perceptions of money and credit.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.