Is Solana (SOL), the cryptocurrency, poised for a staggering 2000% rally? Recent analysis suggests that the asset’s price may experience a significant breakout in the near future.
The bullish forecast for Solana is supported by favorable technical chart data. If this projection materializes, the price of the SOL token could surge by over 2000% in the coming months.
Noted analyst Peter Brandt has observed Solana’s recent price action. Often referred to as the “Ethereum killer,” Solana has already witnessed a remarkable surge of over 2000% since its cycle low of around $10 in November 2022.
In analyzing the price trends, Brandt noticed a cup and handle pattern on the weekly chart. He shared a chart of the cryptocurrency, stating, “$SOL displays a possible Cup and Handle with a rectangle as the Handle. I’m currently neutral on this crypto.”
If this prediction proves accurate, Solana would reach new heights and establish a new all-time high price. The highest recorded price for Solana (SOL) was $259.96 on November 6, 2021, nearly three years ago.
As of the time of publication, Solana’s price was trading at $166.53, reflecting a 4.6% increase in the last 24 hours. However, it is important to note that the current price is 36.26% lower than its all-time high.
Over the past 24 hours, Solana (SOL) has seen a trading volume of $4,151,597,743, marking an 85.40% increase from the previous day and indicating a recent surge in market activity. On a weekly basis, the SOL price has experienced an 8.8% increase over the past seven days.
According to Jamie Coutts, a cryptocurrency analyst at Real Vision, Solana (SOL) is on the cusp of a significant market movement. Coutts emphasized that the substantial increase in active addresses on the network is one of the key indicators pointing towards a potential appreciation of the cryptocurrency.
In the past three months, the number of active addresses on the Solana network has surged by 276%, surpassing other smart contract platforms. Additionally, Coutts has observed a decrease in fees of approximately 11.3%, which he believes is an interesting combination that could contribute to a rise in the price of SOL.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be construed as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.