- Solana poised for significant growth with a projected target of $140 per share, according to Bluntz Capital.
- Demonstrating robust fundamentals, Solana has outpaced even Ethereum, showcasing its strength in the market.
- Franklin Templeton has commended Solana, further solidifying its positive reputation and potential for investors.
- The Total Value Locked (TVL) and SOL price have experienced substantial surges since October 2023, indicating strong market demand and confidence.
- While the upward trend is prominent, investors should be aware that a potential price breakdown might lead to a correction, possibly bringing the share price down to $70.
Bluntz Capital, a prominent trader, has proposed a price target of $140 for Solana, citing a robust chart pattern and utilizing the Elliott Wave tool to predict a potential 40% upside after Solana reached $100. With a significant following on social media, Bluntz Capital has a track record of accurately predicting market movements, including the 2018 Bitcoin bottom.
Solana has gained attention and praise, particularly from Franklin Templeton's CEO, who commended the blockchain's innovations. The cryptocurrency has positioned itself as a strong competitor to Ethereum, supported by its impressive fundamentals. Solana boasts a throughput exceeding 65,000 Transactions Per Second (TPS) and has attracted a considerable number of developers, leading to a 4x increase in its token SOL within three months.
Franklin Templeton highlighted various projects within the Solana ecosystem, such as DePIN for Gig Economy, explosive growth in DeFi with a Total Value Locked (TVL) increase from $300 million to $1.5 billion in three months, and advancements in meme coins, NFTs, and marketplaces. The successful launch of the Saga phone further enhanced Solana's integration with the crypto world.
To validate Bluntz Capital's predictions, a technical analysis was conducted, revealing that Solana has been trading within a narrow channel since December 21, 2023, between support at $88.72 and resistance at $121.03. Technical indicators suggest a slightly negative trend, with the relative strength index approaching its support zone, a narrowing MACD, and reduced trading volume. The analysis emphasizes the importance of monitoring key support levels and implementing stop-loss strategies due to the high volatility of cryptocurrencies.
Voice of Crypto, while aiming for accuracy and timeliness, issues a disclaimer, reminding readers that cryptocurrencies are highly volatile assets. Readers are encouraged to conduct their research and make informed financial decisions, understanding the risks involved in trading such assets. The organization takes no responsibility for missing facts or inaccuracies in the provided information.
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