There have been positive events for Solana (SOL), the powerful blockchain network, indicating bullish momentum. Over the past month, Solana’s price has risen 84% and is currently trading at $56.
With gains of 18 from the previous 30 days and price volatility of 22.32%, Solana is still a force to be reckoned with. During that time, the price of SOL rose by a whopping 78%, from $32 to $57.
The ecosystem is much more excited now that Binance has listed BONK, a meme coin based in Solana. Further evidence of Solana’s dedication to the arts is the creation of Artists in Residence, a vibrant studio that showcases the variety of art forms involved in the project.
Introducing Artists in Residence: a living studio curated to showcase the diversity of art in the Solana ecosystem.
Witness the artists creating live @ArtBasel Miami Beach and celebrate a dimension of creative expression that is only possible on Solana.https://t.co/jMFWmVE31d pic.twitter.com/p9IjB8pGKd
— Solana (@solana) November 20, 2023
Analysts’ Bullish Forecast: Solana’s Wave as an Ethereum Challenger
Bluntz, a well-known pseudonymous cryptocurrency expert, has shared an intriguing forecast for Solana (SOL), predicting a strong recovery and uptrend for the virtual asset.
Bluntz recently stated in a YouTube presentation that Solana’s native cryptocurrency, SOL, a strong competitor to Ethereum (ETH), has the potential to reach the $80 level.
Based on its research, Solana appears to be about to experience a significant upswing, indicating potential buying opportunities as it is a formidable Ethereum replacement in the cryptocurrency market.
Elliott Wave Theory, a popular technical analysis approach to trading that Ralph Nelson Elliott created in the 1930s, is the main focus of Bluntz’s analysis.
The Elliott Wave Theory states that price movements in financial markets generally follow a natural rhythm consisting of five waves that follow the trend and three waves that correct it.
Bluntz said Solana has actually gone through the correction phase – a crucial point that suggests a major rebound may be on the way.
His analysis indicates that this pattern marks the end of Solana’s downward price trend and the beginning of a new growth phase for the cryptocurrency.
SOL market cap currently at $23.205 billion on the daily chart: TradingView.com
Solana’s projected triple-digit increase by 2024
Meanwhile, X account @AltcoinSherpa, a crypto analyst, is bullish on SOL. After analyzing the SOL price pattern, the analyst stated that an entry below $50 would be excellent and that they expected the SOL price to correct.
Solana’s price has been rising since mid-October 2023, reaching its 2023 peak of $68.20 on November 16 before beginning a decline.
AltcoinSherpa expects the price of SOL to rise to triple digits by 2024.
1/ Exciting times for the Solana community as we delve into the post-Breakpoint era! 🌐 Solana Breakpoint 2023 in Amsterdam was a game-changer and resulted in a huge increase of 140% in $SOL and a general recovery of the ecosystem. 📈 Let’s list the highlights! pic.twitter.com/cF2Na7a97O
— CoinEx Global (@coinexcom) November 24, 2023
In a related development, CoinEx Research, the research and development arm of cryptocurrency exchange site CoinEx, spoke about the key trends in the Solana ecosystem in the fourth quarter of 2023.
The recent Solana Breakpoint 2023, an annual Solana community event in Amsterdam, was the clear cause of the massive increase in the SOL-focused ecosystem, according to CoinEx Research.
Due to all these elements, market analysts have predicted a bullish price for Solana. They predict that its value will rise to $60 or more by December 2023, indicating strong growth and potential for innovation.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
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