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October 1, 2023
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Solana Price Analysis: SOL Price to Rally Over 660% After a Macro Breakout

The post Solana Price Analysis: SOL Price to Rally Over 660% After a Macro Breakout appeared first on Coinpedia Fintech News

The Solana (SOL) market has been trapped in a bullish consolidation pennant formation on the daily time frame that could yield an upward breakout in the coming weeks. Trading around $21.87 on Tuesday, Solana’s price has arguably accumulated significant buyers to secure more gains in the near term. Moreover, Bitcoin price action seems to have hit a short-term snag that could result in a correction before continuing with the prior rally. 

Major Uptrend for Solana Price

According to a popular crypto analyst on Twitter Captain Faibik, who enjoys a support base of more than 62k followers, Solana’s price is well positioned for a 668 percent rally, to trade between $140 and $170 in the coming months. The analyst presented an argument that Solana has finally broken out of a falling trend channel that began in late 2021. Additionally, a Solana price reversal looks imminent after recording diminishing losses YTD.

The Solana ecosystem had a total value locked (TVL) of about $288 million, and a stablecoins market capitalization of about $1.54 billion as of Tuesday. The smart contract-based blockchain has recorded increased DeFi adoption, especially fueled by the recent launch of the Saga smartphone that is focused on Web3 adoption. Nonetheless, the Solana ecosystem has several hurdles to deal with in the near term including the accusations by the United States SEC that it is an unregistered security asset.

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