Solana Set For Explosive Growth: Expert Predicts 1650% Price Increase Based On This Pattern

Name	Symbol	Market	Market Cap ($)	Algorithm
Raydium	RAYUSD	Crypto	1,271,554,337	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Raydium

RAYUSD

Crypto

1,271,554,337

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	0.84%	4.82	4.83	4.84

Price Change

Price Change %

Current Price

Bid Price

Offer

0.040

0.84%

4.82

4.83

4.84

High Price	Low Price	Open Price	Prev. Close	52 Week Range
4.86	4.78	4.78	4.78	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

4.86

4.78

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	03:14:05	3.17	4.82	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

03:14:05

3.17

4.82

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,118.86	1,060.10	RAY	RAYEUR	RAYGBP	RAYBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,118.86

1,060.10

Solana Set For Explosive Growth: Expert Predicts 1650% Price Increase Based On This Pattern

12/12/2024 11:30am

NEWSBTC

As the broader crypto market rebounds following Donald Trump’s election on 5 November, Solana (SOL), currently the sixth largest token by market capitalization, has resumed its bullish trajectory, recently reclaiming the $230 price level. On Wednesday, the Solana price surged nearly 7%, reaching $232 after a two-week correction period that followed its current all-time high achievement of $263 on November 23. Could The Solana Price Soar To $4,000? The recent price action suggests that Solana may be on track to not only retest its previous peak but potentially exceed it significantly. Crypto analyst Ali Martinez highlighted a bullish “cup and handle” pattern forming on Solana’s one-month chart, indicating the potential for a remarkable uptrend. Martinez forecasts that if this pattern plays out, Solana could see gains exceeding 1,650%, resulting in a new record price of $4,000 per token. Related Reading: XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed However, perspectives among analysts vary regarding the future trajectory of Solana. While some, like Cryptorangutan, emphasize the current momentum indicators and established buying pressure, predicting a surge toward the $300 mark, others urge caution. Analyst MoreCryptoonl on the other hand, points out a completed pullback structure, indicating a clear five-wave move downward. 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 Hits $9.198 Billion Despite the mixed technical signals, key financial metrics paint a largely positive picture for Solana. According to CoinMarketCap, the market capitalization stands at approximately $112.73 billion, positioning Solana as the sixth-largest cryptocurrency. Additionally, its Total Value Locked (TVL) has reached $9.198 billion, reflecting continued interest in its decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) volumes have fallen by 25% to $28 billion, indicating some volatility in trading activity. The narrative surrounding Solana has been further fueled by recent developments in the market. Grayscale’s filing for a spot Solana ETF in the US has generated buzz, as the cryptocurrency community anticipates the potential for increased institutional investment. Additionally, the project Jupiter has revised its $1.6 billion airdrop after a failed vote, while the platform Pump.fun reported record revenue of $93 million for November, despite experiencing a 66% weekly drop. Related Reading: Bitcoin CME Chart Shows Striking Similarities To 2023, Here’s What Happened Last Time In the DeFi landscape, Solana has slipped to third place as Tron’s TVL surged 78% to $13 billion, yet it maintains a strong lead with 5.56 million active addresses. However, the recent decline in DEX revenue and volume, particularly with Raydium experiencing an 8.22% drop, indicates a need for stability in trading activities within the ecosystem. Featured image from DALL-E, chart from TradingView.com

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RAYUSD Raydium