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As the broader crypto market recovers following the election of Donald Trump on November 5, Solana (SOL), currently the sixth largest sign by market cap, has resumed its bullish trajectory and recently reclaimed the $230 price level.
On Wednesday, Solana price rose almost 7% to reach $232 after a two-week correction period following the current record high of $263 on November 23.
Could the Solana price rise to $4,000?
The recent price action suggests that Solana may be on track to not only retest the previous peak, but possibly significantly exceed it.
Crypto analyst Ali Martinez highlighted a bullish “cup and handle” pattern that formed on Solana’s one-month chart. indicates the potential for a remarkable uptrend.
Martinez predicts that if this pattern holds, Solana could see a gain of more than 1,650%, which would result in a new record price of $4,000 per token.
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However, perspectives among analysts vary on Solana’s future trajectory. While some, like Cryptorangutan, to emphasize Given current momentum indicators and established buying pressure, which predict a rise towards the $300 mark, others are urging caution.
Analyst MoreCryptoonl, on the other hand, points out a completed pullback structure, indicating a clear five-wave downward move. This analysis suggests that while the recovery rally is underway, it remains uncertain whether it will develop into a bullish pattern or an ABC corrective structure.
Total value locked reaches $9.198 billion
Despite the mixed technical signals, the key financial figures paint a largely positive picture for Solana. According to According to CoinMarketCap, its market capitalization is approximately $112.73 billion, making Solana the sixth largest cryptocurrency.
Additionally, Total Value Locked (TVL) has reached $9.198 billion, reflecting continued interest in the decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) volumes are down 25% to $28 billion, indicating some volatility in trading activity.
The story surrounding Solana has been further fueled by recent developments in the market. Grayscale submit for a spot, Solana ETF has been making waves in the US as the cryptocurrency community anticipates the potential for increased institutional investment.
In addition, Project Jupiter revised its $1.6 billion airdrop after a failed vote, while platform Pump.fun reported record numbers gain of $93 million for November, despite a weekly decline of 66%.
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In the DeFi landscape, Solana has fallen to third place, while Tron’s TVL rose 78% to $13 billion, but still maintains a strong lead with 5.56 million active addresses.
The recent decline in DEX revenues and volumeespecially with Raydium experiencing an 8.22% drop, indicating a need for stability in trading activities within the ecosystem.
Featured image of DALL-E, chart from TradingView.com