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Solana’s price movement has been indicating yet another bullish signal, giving investors and analysts the hope that the token can skyrocket in the coming future.
Ali Martinez on X predicts that Solana can reach a price point of $4,700 in the future given that the coin has recently broken the “Cup-and-Handle Pattern”.
Though the prediction stands as wild and vague prediction, it still signifies the hope and optimism that analysts have in the token.
Following a price decline and recovery, a cup and handle pattern on a chart signifies a price increase. It is a technical analysis tool for determining possible trading entry and exit locations.
Solana Emerges as Most Popular Memecoin Chain for 2024
The predictions for Solana’s price rise come amid the network breaking milestones in the market.
A new report shows that Solana emerged as the most popular Memecoin public chain in 2024. Solana’s dominance in Memecoin trading was demonstrated by the analysis of about 4 million Solana user addresses with transaction amounts surpassing $1,000 in 2024, which revealed that the total fees earned from Memecoin trading on the Solana chain reached $3.093 billion.
Additionally, the ecosystem also saw a boost when orderly Network and leading Solana DEX Raydium partnered to launch eternal futures trading, which is fueled by Orderly’s omnichain orderbook.
As the first DEX in the Solana ecosystem to use Orderly’s cutting-edge perps liquidity solution, the integration represents a significant milestone for Raydium.
Also Read: Solana Mobile Plans for second Phone Launch, Seeker to Arrive in Mid-2025
Why is Solana Becoming Popular?
Solana’s remarkable scalability and technical solutions have contributed to its growing popularity. Developers and investors are drawn to Solana’s technology because it makes transactions quick and inexpensive.
With its distinct Proof of History (PoH) consensus method, which facilitates quick and safe transaction processing, Solana is a cryptocurrency that distinguishes itself from its rivals.
It stands as one of the fastest and most scalable options available is its blockchain, which can execute up to 65,000 transactions per second.
Solana has gained popularity among developers and consumers due to its robust infrastructure and low transaction fees.
Solana Price Prediction: What to Expect?
With the current optimism around SOL prices, the coin will likely see more green trading days in the future.
The present sentiment for the token is bullish and the Fear & Greed Index is at 75 (Greed). Over the previous 30 days, Solana had 16 out of 30 (53%) green days and 5.52% price volatility.
Interestingly, with 28 technical analysis indicators indicating bullish signals and 0 indicating negative signals, the overall sentiment for Solana price predictions is positive.
If the current optimism around the coin continues, Solana’s 200-day SMA will rise over the next month, reaching $184.64. Additionally, the short-term 50-day SMA for Solana is predicted to reach $219.35 by mid-February.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The SOL market is in a neutral position at the moment, as indicated by the RSI reading of 60.33.
Also Read: Solana DeFi Giant Raydium Teams With Orderly To Bring Perpetual Trading To 600K Daily Users