Solana price demonstrated strong resilience during Monday’s market correction, bouncing 0.2% to reach $131.5. The continued bullish momentum is driven by growing anticipation for the upcoming Breakpoint Conference and the potential meme coin rally, fueled by speculation of a possible U.S. Federal Reserve rate cut.
Will Solana Price Break the $1,000 Mark?
The Solana coin witnessed a bullish turnaround in September’s second week, uplifting its price from $120 to $139— a 16.5% increase. The recovery followed the market anticipation of the upcoming Breakpoint Conference 2024 in Singapore, scheduled for the 20th and 21st of this month. This event will bring together key developers, industry leaders, and investors to discuss Solana’s ecosystem and innovations in blockchain technology.
This upswing also defied the recent unstacking of over $1 billion of SOL from the bankrupt FTX/Alameda-linked wallet address. Typically, this move would fuel bearish sentiment in the market, but the Solana price showed sustainability above $120. If the FTX/Alameda wallet releases the remaining 7.06M SOL ($945.7M worth), this altcoin would be free from the threat of large-scale liquidation.
Additionally, the broader market is leaning towards bullish sentiment this week, fueled by expectations of a 0.5% interest rate cut by the U.S. Federal Reserve. The anticipated monetary easing could boost investment in riskier assets like cryptocurrency.
SOL Price Eyes Reversal Within Flag Pattern
The mid-term trend in Solana price prediction remains sideways amid the formation of a bull-flag pattern. This chart pattern is characterized by a ‘pole’ reflecting the major trend and two downsloping trendlines leading to temporary corrections for buyers to regain strength.
If the market recovery strengthens, the SOL price could rally 40% before challenging the major resistance of the flag pattern. A potential breakout will intensify the bullish momentum and drive a rally to $275, followed by $300.
On the contrary note, a potential death crossover between the 50-and-200-day EMA could put additional selling pressure on SOL price and push the asset back below $200.
Conclusion:
The Solana price target of $1,000 is a long-term projection that would require several key developments, including the launch of a U.S. spot ETF, renewed interest in meme coins, and significant growth in DeFi adoption to achieve it.
Frequently Asked Questions (FAQs)
Achieving a $1,000 Solana price would require several key developments, including the launch of a U.S. spot ETF, renewed interest in meme coins, and significant growth in DeFi adoption.
Solana’s recent price surge is fueled by market anticipation for the upcoming Breakpoint Conference 2024, the potential for a meme coin rally
he bull-flag pattern in Solana’s chart suggests the potential for a 40% rally, with a possible breakout leading to targets of $275 and $300
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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