- Popular crypto trader and YouTuber CryptoJack predicts a substantial surge in Solana’s price, forecasting it could reach as high as $360 soon.
- This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to bullish momentum.
- Other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing $500 this year.
Renowned crypto trader CryptoJack predicts a significant rise in Solana’s price, backed by bullish technical patterns. Other analysts also foresee a bright future for the token.
Technical Insights Into SOL Potential $360 Rise
According to CryptoJack, SOL has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout. This pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis. CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately $146.
Other Analysts Maintain Bullish Stance on Solana
Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing $500 this year. This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date.
Solana Challenges Ethereum
While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV). Smith’s analysis highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space.
Ethereum Still Leads in Daily Transaction Fees and Total Value Locked
Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over $2.75 million in fees, compared to Solana’s $1.49 million. Moreover, according to data from DeFillama, Ethereum’s TVL of over $53 billion dwarfs Solana’s $3.96 billion, representing just about 7.2% of Ethereum’s scale.
Conclusion
While Ethereum continues to lead in terms of daily transaction fees and TVL, Solana’s potential price surge and increasing relevance in the blockchain space make it a token to watch. As the crypto market continues to evolve, it will be interesting to see how these two platforms compete and grow.
