Solana Saga prices reach $5K on eBay due to Bonk frenzy, leading to a sell-out.Senator Warren's Anti-Money Laundering Act support raises concerns, impacting the entire crypto market.According to Coingabbar Price Analysis, SOL price faces rejection at the rising channel's top and psychological $80 levels.SOL price faces rejection at the rising channel's top and psychological $80 levels.Bulls successfully breach the neckline of the rounding bottom pattern but fail to sustain, resulting in a retreat.Price declines below $70 after being rejected from the channel's upper boundary.SOL's price finds support at the 20 EMA and hovering near $70.On the hourly chart, SOL is trading inside the horizontal channel pattern.
KEY LEVELS :
RESISTANCE LEVEL : $71.50-$74.00
SUPPORT LEVEL : $67.50-$65.50
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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Trader Jacob Canfield has pinpointed a target of $1000 for SOL based on specific indicators.His analysis factors in weekly breakouts coupled with a robust ecosystem supporting Solana.Notably, investment figures like Cathie Wood and VanEck share similarly optimistic sentiments regarding Solana's future, expressing bullish views on its potential.

Solana has emerged as a prominent entity within the crypto market, drawing attention due to its impressive price surge. Notably, crypto trader Jacob Canfield took to Twitter to underline several factors contributing to Solana's perceived undervaluation. He highlighted Solana's dominance, alongside breakout patterns in SOLBTC and SOLETH, coupling these observations with a list of anticipated top projects set to bolster Solana's trajectory.
Adding weight to Solana's potential, Ark CEO Cathie Wood and VanEck, a major ETF issuer in the USA, projected lofty targets for this cryptocurrency's future performance.
Canfield's Analysis Jacob Canfield delved into reasons why Solana appears undervalued, projecting a staggering possibility of SOL reaching $1000 by the end of the current crypto market cycle, typically spanning four years. Drawing parallels with the previous cycle that concluded in late 2022 and early 2023, Canfield referenced Bitcoin's surge from $16,000 to $30,000 within a few months.
Weekly Resistance Breakout Canfield's insights revealed SOL-BTC breaking out of a weekly resistance point, indicating potential upward movement in SOL's value concerning Bitcoin. Similarly, SOL-ETH exhibited a similar breakout pattern, suggesting a prospective outpacing of Ethereum's price trajectory by Solana.
The Future Trajectory Historically, post-breakout, crypto prices tend to accelerate, and with these breakouts observed on weekly charts, an extended bullish period for SOL appears likely over the coming months.
Ecosystem Strength and Predictions Canfield emphasized Solana's robust ecosystem, citing various projects set to bolster its standing within the crypto realm. These include decentralized exchanges like Orca and Raydium, NFT-related projects such as Shadow and Render Token, alongside diverse offerings like Pyth Network and Mango Markets.
Cathie Wood and VanEck Projections Cathie Wood anticipated Solana's rapid growth surpassing Ethereum, praising its blockchain efficiency and cost-effective transactions. VanEck echoed this sentiment, projecting SOL to reach $3.2k by the decade's end, applauding Solana's high-speed processing capabilities.
A Note of Caution Despite these optimistic projections, it's important to note that realizing such milestones may take several years. Neither Canfield, Cathie Wood, nor VanEck foresee an overnight dramatic rise in SOL's price.
Navigating this trend demands thorough understanding and research, areas in which Voice of Crypto aims to assist.
Disclaimer: While aiming for accuracy and up-to-date information, Voice of Crypto disclaims responsibility for any inaccuracies or omissions. Cryptocurrencies are highly volatile assets; therefore, due diligence and personal financial decisions are recommended.

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$SOL

Solana (SOL) has surged by an impressive 550% in the past year, reflecting remarkable growth in its value.Analyzing the daily charts reveals the emergence of a bullish pattern known as Three White Soldiers, signaling a potential upward trend in the short term.Technical indicators indicate robust and consistent price movements, suggesting strong momentum behind Solana's current trajectory.Chart analysis aligns with analyst predictions, confirming a target of $90, with further potential for SOL to reach $100 in the near future based on its current trends and patterns.

Solana has experienced an impressive surge, boasting a staggering 550% growth over the past year, ascending from $13.58 in December 2022 to a notable $76 in December 2023. This phenomenal rise can be attributed to multiple factors, including the resolution of the FTX issue, minimal blockchain interruptions, and a remarkable surge in real-time Transaction Per Second (TPS) demand, soaring by over 2600%.
Prominent analysts have set bullish targets exceeding $90, prompting a closer examination through technical analysis to validate the potential trajectory. Ali Martinez, renowned within the crypto sphere with a substantial following of 34,500 on X.com, projected a further 25% rally from $68 to $90 in the coming days. Martinez emphasized the significance of sustaining a close above $68 to validate this prediction.
Currently, Solana has consistently maintained levels above $76-$77, confirming Martinez's previous signals, reinforcing the credibility of these forecasts.
Analyzing Martinez's shared chart on December 7th, depicting hourly SOL charts revealing an emerging ascending triangle pattern, Solana broke above $68 on December 9th, maintaining levels above this threshold, corroborating Martinez's foresight. However, a slight weakness in price charts emerged post breaching $75, possibly indicating profit-taking behaviors.
Delving into the daily charts of SOL, indicative of medium-term trends, a bullish pattern known as 'Three White Soldiers' materialized. This pattern signifies three consecutive positive price movements over three periods, potentially propelling SOL prices significantly beyond $100 if confirmed.
Further affirming this upward trajectory, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on SOL's daily charts depicted positive signals. RSI positioned above 75 signifies robust bullish tendencies, while a positive MACD crossover with the blue line surpassing the orange trend line indicates favorable price movements.
Solana's meteoric rise in 2023 can be attributed to multiple factors. Notably, its blockchain experienced minimal outages compared to the previous year, plummeting from eight outages in 2022 to a solitary disruption in 2023. Moreover, Solana's theoretical transaction capacity far surpasses current demands, indicating scalability potential of up to 710k transactions per second, sufficient to accommodate a 100x surge in demand.
The resolution of the FTX issue, which previously held a substantial amount of SOL, Solana's native cryptocurrency, alleviated concerns regarding market destabilization due to excessive selling. These combined factors have propelled Solana to the forefront as one of the fastest-growing major altcoins.
However, it's essential to exercise caution and conduct thorough research as cryptocurrencies remain highly volatile assets. The Voice of Crypto aims to provide accurate information, yet readers are encouraged to make informed financial decisions amidst this fluctuating landscape.
#solana #SOL #SolanaInsights
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