Key Takeaways:
- Solana’s “cup-and-handle” signals a bullish surge, with potential highs of $420-$600 by 2024.
- SOL’s 200% YTD growth, strong adoption, and $103B market cap position it as an altcoin leader.
- Pending SEC ETF approvals could drive Solana’s momentum amid bullish market conditions.
Solana (SOL) is making waves in the crypto market, with analysts predicting a potential long-term surge to $4,000. This price target is supported by technical analysis, highlighting a “cup-and-handle” chart pattern on a multi-year timeframe.
Crypto analyst Ali Martinez identified a classic “cup-and-handle” formation in Solana’s price charts, which historically signals a bullish breakout. This technical pattern has fueled predictions of a potential new all-time high (ATH) of $420 by Christmas 2024, with further upside to $600 during the next major market rally.
Source: X
Altcoin Sherpa, another prominent analyst, reinforced this positive outlook. According to Sherpa, he noted that bottom formations in assets like SOL often take time but reward those willing to invest during the accumulation phase.
Solana’s Performance and Market Position
In 2024, Solana has outperformed many altcoins, achieving over 200% growth year-to-date and surpassing a market capitalization of $100 billion. As of Dec 11, 2024, Solana’s price was trading at $219, with a market cap exceeding $103 billion.
Additionally, According to CryptoQuant, Solana is a top contender for fresh ATHs among altcoins, supported by strong network and growing ecosystem adoption. Moreover, the heatmaps of altcoin activity place Solana at the forefront of market movements, indicating a strong likelihood of continued bullish momentum.
Source: CryptoQuant
Coinglass data reveals 24-hour liquidations totaling $14 million, including $10 million in long liquidations during the recent dip. These metrics highlight the volatile yet promising nature of Solana’s market activity.
ETF Approval and Regulatory Developments
While Solana’s technical indicators point to a bright future, regulatory developments could play a crucial role. The U.S. Securities and Exchange Commission (SEC) has yet to approve a spot Solana ETF, despite multiple applications from firms like Bitwise, VanEck, and Grayscale.
However, analysts believes that a leadership change at the SEC in January, with Paul Atkins expected to take charge, could pave the way for ETF approvals, potentially boosting SOL’s market performance.
