bullish

Solana

Jupiter

Following Donald Trump's election on November 5, the broader cryptocurrency market has shown signs of recovery. <a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">Solana</a>, which currently ranks as the sixth-largest token by market capitalization, has resumed its bullish path, recently regaining the $230 price level. On Wednesday, Solana's price increased by nearly 7%, touching $232 after a two-week corrective period post its record high of $263 on November 23.
Recent market movements <a href="https://www.newsbtc.com/news/solana/solana-set-for-explosive-growth-expert-predicts-1650-price-increase-based-on-this-pattern/" rel="noopener noreferrer nofollow">suggest</a> Solana might be poised not only to revisit its previous peaks but to surpass them dramatically.
Crypto analyst Ali Martinez points to a bullish “cup and handle” pattern on Solana's monthly chart, which hints at a substantial potential upswing. Should this pattern unfold as expected, Solana could experience a 1,650% increase, taking its price to an unprecedented $4,000 per token.
Yet, there is no consensus among analysts regarding Solana's future path. While some, like Cryptorangutan, focus on the current momentum indicators and prevailing buying pressure, forecasting a rally toward $300, others advise caution. Analyst MoreCryptoonl, for instance, highlights a completed pullback structure, indicating a distinct five-wave downturn. This suggests that although Solana is experiencing a recovery rally, it remains uncertain if this will evolve into a bullish pattern or merely a corrective ABC wave.
Despite diverse technical signals, Solana's financial metrics largely convey a positive outlook. With a market capitalization pegged at roughly $112.73 billion, Solana holds the position of the sixth-largest cryptocurrency, as reported by CoinMarketCap.
Furthermore, its Total Value Locked (TVL) has climbed to $9.198 billion, marking sustained interest in its decentralized finance (DeFi) ecosystem. However, a decline is noted in decentralized exchange (DEX) volumes, which have decreased by 25% to $28 billion, reflecting volatility in trading activities.
The buzz surrounding Solana has been amplified by recent market maneuvers. Grayscale's filing for a spot Solana ETF in the US has stirred anticipation within the cryptocurrency community, with hopes for increased institutional participation. Meanwhile, the Jupiter project has recalibrated its $1.6 billion airdrop after a voting setback, and the platform Pump.fun reported record November revenues of $93 million, despite a 66% weekly decline.
In the DeFi sector, Solana has slipped to third place, overtaken by Tron's TVL, which soared 78% to $13 billion. Nonetheless, it retains a robust footing with 5.56 million active addresses. However, recent drops in DEX revenue and volume, particularly a noted 8.22% decline in Raydium, underscore the need for greater stability in trading operations within the Solana ecosystem.

Solana Bulls Eye 1650% Surge Following Key Pattern Formation

Yellow News

Other articles published on Dec 12, 2024

Qubetics’ dVPN Innovation, Tron’s Big Wins, and Hedera’s Ambitious Goals Are Changing the Game in...

Melega.Finance: A Rapidly Growing Crypto Ecosystem with Boundless Potential

Stablecoins Challenge Bitcoin’s Role in US Dollar Dominance, Citi Says

Trump’s Tariffs (TRUMPTAR) Solana Memecoin Will Explode 16,000% Before Exchange Listings, While S...

Banned by CMB! Access to this Cryptocurrency Exchange Has Been Blocked! Explanation Came!

Backpack Partners with Sui, Driving Multichain Growth and $60B Milestone

Join our free newsletter for daily crypto updates!