The Solana price is up 1.88% in the last 24 hours following the broader market relief rally. The bullish turnaround allowed the SOL buyers to reclaim 200 days, accentuating the prevailing bullish trend. Amid the formation of a bullish chart pattern and rising network revenue, this layer-1 cryptocurrency is poised for further recovery.
Solana Price Eyes $1,000, āNo Tomorrow Without It,ā Says Analyst
A recent analysis by crypto trader KongTrading suggests that Solana (SOL) price could experience a significant breakout if the current wedge pattern breaks to the upside. The added chart shows two converging trendlines acting as dynamic resistance and support for SOL price since March 2024.
With the price approaching the apex of this wedge, the asset is poised for a deceive breakout. The analyst stated, āOnce this wedge on SOL price breaks to the upside, there will be no tomorrow without $1000ā, projecting a highly bullish outlook for Solanaās potential growth.
Once this wedge on $SOL breaks to the upside, there will be no tomorrow without $1000 pic.twitter.com/roxjtCNIsU
ā Kong Trading š¦ (@KongBTC) October 5, 2024
SOL Price Hints Reversal as TVL Growth Fuels Bullish Sentiment
The Solana price prediction daily chart shows a sideways action in the last seven months. While lower highs and higher lows price formation indicate no clear dominance from buyers or sellers, the growth in the networkās Total Volume Locked (TVL) suggests a positive outlook.
According to DeFiLlama data, the Solanaā TVL has showcased a slow yet sustained recovery from its April low of $3.46 Billion to $5.43 Billion, registering a 57% growth. Generally, this increase reflects a renewed confidence in the Solana ecosystem, as more liquidity is locked into its decentralized finance (DeFi) protocols.
By press time, the SOL price had traded at $143, maintaining a market cap of $67.18 Billion. If the geopolitical tension in the Middle East eased, this altcoin could rise 28% before challenging the wedge resistance at $183.
This potential move will reclaim daily exponential moving averages (20, 50, 100, and 200), bolstering the bullish market sentiment. These EMAs also offer suitable pullback support during market dips.
On the contrary, if the broader market correction persists, the Solana price October fall could retest $120 support, accounting for a 15% potential loss.
Frequently Asked Questions (FAQs)
The phrase suggests that if Solana breaks out of its current pattern, the price could quickly surge toward $1,000, with no room for hesitation or doubt in the bullish momentum.
A resolution to geopolitical tensions and a bullish wedge breakout could push Solana up by 28%, allowing it to challenge the wedge resistance at $183
Solana’s TVL has grown by 57%, from $3.46 billion in April 2024 to $5.43 billion, signaling renewed confidence in its DeFi ecosystem
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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