Is Solana (SOL) Repeating Its 940% Bull Run From 2023?
NAIROBI (CoinChapter.com)— Solana (SOL) appears to be replicating its impressive bull run from 2023, with recent market trends and technical indicators hinting at a similar breakout trajectory. In 2023, SOL surged from $25 to a peak of $260, marking a 940% increase.
Bullish projections for this year suggest another massive rally, fueled by heightened staking activity, favorable technical indicators, and market conditions.
Will Solana’s Bull Run Match Its 940% Surge in 2023?
In 2023, Solana surged from $25 to an all-time high of $260, a roughly 940% increase. Analyst Crow recently remarked on X that Solana’s current price path could mimic its 2023 trajectory. Crow projects a jump from the current $125 level up to $800, banking on continued momentum.
An analyst forecasted Solana’s potential rise to $800 in 2024. Source: Crow/X
Adding to the bullish outlook, independent crypto analyst Carl Runefelt highlighted a massive symmetrical triangle pattern on SOL’s chart. Runefelt pointed to the possibility of a breakout above key resistance levels, suggesting a potential move toward $300.
Solana (SOL) price surges 5.58% to $198.94. Source: CoinMarketCap
Moreover, another analyst, Bhr Investor, set a broader target range between $650 and $1,000, based on positive candlestick formations. Solana’s recent price action strengthens this view, with SOL hitting $190 on Nov. 7, a high last seen over 220 days ago.
The spike came amid a broader crypto rally following Donald Trump’s election victory, which pushed SOL up more than 25% in just four days, from $157 on Nov. 3 to $196.
Solana (SOL) Ecosystem Growth Backs Bullish Momentum
Solana’s ecosystem has seen substantial growth across DeFi, staking, and stablecoins, strengthening the case for a sustained rally. Messari’s Q3 2024 report highlights a 26% quarter-over-quarter (QoQ) increase in total value locked (TVL), pushing Solana’s DeFi ecosystem to $5.7 billion and making it the third-largest network by TVL.
Lending platform Kamino played a key role, achieving a 57% rise in TVL to $1.5 billion, driven by the addition of high-demand assets like PayPal USD (PYUSD) and jupSOL. This growth underscores the platform’s expanding utility and investor confidence.
Solana DeFi TVL reaches $5.7B with 26% growth. Source: Messari
Staking has also risen sharply, with Solana’s total staked value hitting 397.93 million SOL by Nov. 7, an increase of $1.3 billion within the past week, according to SimplyStaking.com. The surge in staked assets reduces SOL’s availability on exchanges, which could support prices by tightening liquidity.
Additionally, increased staking boosts the network’s security—a critical factor given Solana’s history of stability challenges.
Solana Total Staked Value from Nov. 1 to Nov. 7. Source: SimplyStaking
Solana’s stablecoin sector saw a 23% boost in market cap to $3.8 billion, driven by PYUSD’s 341% rise since joining the network in May. Together, these growth areas underscore Solana’s strength and the potential for another bullish phase, possibly mirroring its 2023 surge.
With Solana (SOL) trading near $196, analysts closely monitor indicators that may confirm a rally similar to 2023. Price targets range from $300 to as high as $1,000, with SOL’s growth potential depending on both market dynamics and regulatory developments. If these elements align, Solana may be on track to replicate or even exceed its historic bull run.
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