In the past three weeks, the price of Solana (SOL) has been rising, leading to several analysts predicting it will reach a new all-time high soon.
In the past three weeks, the price of Solana (SOL) has increased by over 31% to retest a significant resistance/support level of approximately $180. The large-cap altcoin, which has a daily average traded volume of roughly $4.2 billion and a fully diluted valuation of approximately $104 billion, has indicated a potential bullish breakout in the close term.
The recent approval of spot Ethereum ETFs in the United States has heightened the general speculation surrounding Solana and its Web 3.0 initiatives, as Coinspeaker previously reported.
Additionally, confident analysts anticipate that the US Securities and Exchange Commission (SEC) will eventually authorize numerous spot Solana ETFs in response to the increasing demand.
Solana Price is poised to increase to a new all-time high shortly
Ali Martinez, a prominent crypto analyst, has observed that the Solana price has been exhibiting a fractal pattern on the daily time frame comparable to the bullish breakout in July 2021. Ali thinks a 717 percent rally beyond $1,000 is inevitable if the Solana bullish sentiment persists in the upcoming weeks.
Additionally, the Solana price has maintained a consistent support level of approximately $120 over the past four months in response to the general crypto consolidation. Furthermore, the crypto analyst demonstrated remarkable similarities between the daily Relative Strength Index (RSI) in 2021 and its current state.
Julien Bittel, the director of macro research at Global Macro Investor (GMI), also offered a bullish thesis for Solana. Solana’s price is anticipated to surpass $265 shortly, as per Bittle.
Nevertheless, the bullish sentiment regarding Solana may be invalid if the altcoin maintains a consistent closing price of $162 in the upcoming weeks.
According to veteran trader Peter Brandt, if the altcoin consistently closes above the May high of approximately $189, the current Solana price action should be regarded as a bullish breakout. Additionally, historical data indicates that the crypto industry has experienced a pessimistic month in August following a bullish July.
Expanding Web 3.0 Ecosystem
The Solana network has expanded into a dynamic layer one (L1) blockchain, supported by a burgeoning community of online web3 developers and investors. The Solana network had a stablecoins market valuation of approximately $3.22 billion and a total value of roughly $5.33 billion at this time.
The Solana network is a multi-chain Web 3.0 ecosystem that supports various top-tier DeFi protocols, including Jito, Marinade, Kamino, Raydium DEX, and Sanctum.
Institutional investors and retail merchants interested in tokenizing real-world assets have substantially supported the Solana network. Furthermore, the Solana network has observed a significant increase in meme coins, which presently have a market capitalization of approximately $9.6 billion and a daily average traded volume of roughly $1.96 billion.
