• 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

Impact of Prediction Markets on Crypto Trading Culture

chest

Prediction markets are becoming increasingly relevant in the crypto trading culture, with potential implications for liquidity and market integration.

user avatarSon Min-ho

Jurisdictional Battle Over Prediction Markets Intensifies

chest

A legal dispute between Kalshi, New Mexico, and the Commodity Futures Trading Commission (CFTC) could redefine the regulatory landscape for prediction markets in the U.S.

user avatarZainab Kamara

Standard Chartered Declares End of Crypto Winter

chest

Standard Chartered's head of digital assets research, Geoff Kendrick, announces the end of the crypto winter, predicting Bitcoin to reach $100,000 and Ether to outperform Bitcoin.

user avatarAyman Ben Youssef

The Importance of Shutdown Plans for Old DeFi Contracts

chest

The Aztec Connect incident highlights the necessity of shutdown plans for deprecated DeFi contracts to reduce security risks.

user avatarKofi Adjeman

Aztec Connect Contract Exposes DeFi Risks

chest

A security researcher has revealed a potential exploit in the Aztec Connect contract, highlighting the dangers of deprecated DeFi infrastructure.

user avatarTando Nkube

Farside Investors Implements Strict Editorial Policy

chest

Farside Investors has introduced a strict editorial policy focusing on accuracy, relevance, and impartiality to enhance content quality and reliability, improving trust and credibility among investors.

user avatarSatoshi Nakamura

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.