The price of Solana has shown strong breakthroughs over the years, forming a cup-and-handle pattern, setting the next target at $4,000. Cryptocurrency analysts believe that a 20x return for SOL is quite likely in the upcoming bull market. As of now, it has already surged over 200% in 2024, making it one of the best-performing altcoins, with a market cap skyrocketing to over $100 billion.
Can the price of Solana rise significantly to $4,000?
Famous cryptocurrency analyst Ali Martinez predicts a bright future for Solana ($SOL) and states that the token could soar to $4,000. This prediction is based on the analysis of the classic 'cup-and-handle' chart pattern. This ambitious target reflects the growing confidence in the Solana ecosystem and its long-term price trends.
Of course, this price target is a long-term forecast, as a further 20x increase would mean SOL becomes a $2 trillion asset, equivalent to Bitcoin's current scale. However, market analysts still believe that SOL's super rally is not over, and we could at least see levels of $600 in the upcoming bull market and $420 by Christmas.
After reaching a monthly high of $263, the price of Solana retraced over 20%, touching a low of $203 on Tuesday, December 10, before rebounding from there.
Renowned cryptocurrency analyst Altcoin Sherpa holds an optimistic view on Solana's price, predicting that a bottom may form in the near future. According to this analyst, 'The formation of a bottom often involves dramatic events and takes some time, but overall, those willing to buy will be rewarded.'
As other altcoins continue to set new highs, everyone is watching SOL to see if it will reach new highs. CryptoQuant analysis shows that Solana is one of many altcoins that may set new highs after experiencing some healthy pullbacks over the past two weeks. The heatmap of altcoins indicates that SOL is a major candidate to hit new highs soon.
Approval of the SOL ETF faces resistance
Despite the market's long-standing anticipation for the approval of the Solana ETF, recent reports indicate that the current government of the U.S. Securities and Exchange Commission is reluctant to consider this. Cryptocurrency market analysts believe this may only be possible after Paul Atkins takes over as SEC chairman next month in January.
Interestingly, it's worth noting how long it takes to approve the SOL ETF after Donald Trump took office in January. In recent months, several market participants, including Bitwise, VanEck, 21Shares, Canary Capital, and Grayscale, have applied for a spot Solana ETF.
As of the time of writing, the price of SOL is $219, with a market cap exceeding $103 billion. Coinglass data shows that after recently dropping to $203, the liquidation amount in the last 24 hours was $14 million, with long liquidations amounting to $10 million.
