The price of Solana (SOL) could climb as high as $4,000, according to crypto analysts, citing a strong "cup-and-handle" formation. This prediction suggests potential 20x gains, with Solana achieving a $2 trillion market capitalization, matching Bitcoin's current size. Solana has already surged over 200% in 2024, positioning itself among the top-performing altcoins with a market cap exceeding $100 billion.
Could Solana Rally to $4,000?
Renowned analyst Ali Martinez forecasts a bullish future for Solana, projecting that SOL could soar to $4,000. This prediction is based on a "cup-and-handle" pattern analysis, a chart formation that typically signals the continuation of an upward trend.
While $4,000 is a long-term target, analysts believe that in the near term, Solana could reach $420 by Christmas and potentially $600 during the next bullish cycle.
Current Price Action
After hitting a monthly high of $263, Solana underwent a 20% correction, dropping to a low of $203 on December 10 before rebounding. Currently, SOL is trading at $219 with a market capitalization of over $103 billion.
Popular analyst Altcoin Sherpa remains bullish on Solana’s price, predicting that a bottom may soon form. Sherpa highlights that bottoms often involve violent price movements, rewarding those who are willing to buy during dips.
New All-Time High in Sight
Many analysts anticipate Solana to reach new all-time highs. Data from CryptoQuant shows that after a healthy pullback, SOL is among the leading altcoins positioned for growth. Altcoin heatmaps identify Solana as a top candidate for achieving new milestones soon.
Challenges Around Solana ETF Approval
While the market awaits the approval of a spot ETF for Solana, the U.S. SEC has so far declined to review such proposals. Analysts expect progress only after Paul Atkins assumes leadership of the SEC in January. Additionally, the outcome may be influenced by Donald Trump’s inauguration as U.S. President next year.
Notable players like Bitwise, VanEck, 21Shares, Canary Capital, and Grayscale have filed applications for a spot Solana ETF in recent months.
Current Market Outlook
Solana is currently trading at $219, with $14 million liquidated in the past 24 hours, including $10 million from long positions. Despite the recent dip to $203, the market shows signs of stabilization.
As one of the most closely watched altcoins, Solana continues to hold significant growth potential, with investors and analysts keeping an eye on its performance in the coming months.
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