Several crypto analysts believe Solana (SOL) price has completed a macro retest after a bullish breakout from a multi-week consolidation.
Solana (SOL) price has pumped more than 31 percent in the past three weeks to retest a major resistance/support level of around $180. The large-cap altcoin, with a fully diluted valuation of about $104 billion and a daily average traded volume of around $4.2 billion, has signaled a potential bullish breakout in the near term.
As Coinspeaker previously reported, the recent approval of spot Ethereum ETFs in the United States has increased the overall speculation for Solana and its Web 3.0 projects.
Furthermore, some analysts believe the US SEC will eventually approve several spot Solana ETFs amid the rising demand.
Solana Price Prepares to Rally to a New All-time High Soon
According to a popular crypto analyst Ali Martinez, Solana price on the daily time frame has been forming a similar fractal pattern to the July 2021 bullish breakout. If the Solana bullish sentiment continues in the coming weeks, Ali believes a 717 percent rally beyond $1,000 is inevitable.
Furthermore, Solana price has established a solid support level of around $120 in the past four months following the general-wide crypto consolidation. Additionally, the crypto analyst showed striking similarities between the daily Relative Strength Index (RSI) now and in 2021.
#Solana is looking a lot like July 2021… $1,000 $SOL coming soon! pic.twitter.com/J0Yx5npfiS
— Ali (@ali_charts) July 26, 2024
A similar bullish thesis for Solana was presented by Julien Bittel, the head of macro research at Global Macro Investor (GMI). According to Bittle, Solana’s price is aiming to reach a new all-time high of around $265 in the near term.
However, the Solana bullish sentiment could be invalidated if the altcoin consistently closes at $162 in the coming weeks.
According to veteran trader Peter Brandt, the current Solana price action should be considered a bullish breakout if the altcoin consistently closes above the May high of around $189. Moreover, historical data shows that August has been a bearish month for the crypto industry after enjoying a bullish July.
Random ramblings of a relic
It can be argued that $SOL broke out
This is NOT a signal for me because I consider this to be a diagonal pattern
I do not consider this a BO until May high is penetrated but by then the R:r is not favorable pic.twitter.com/65s5NAoRmJ— Peter Brandt (@PeterLBrandt) July 24, 2024
Growing Web 3.0 Ecosystem
The Solana network has grown to a vibrant layer one (L1) blockchain backed by a growing community of online web3 developers and investors. As of this writing, the Solana network had a total value locked of about $5.33 billion and a stablecoins market cap of around $3.22 billion.
As a multi-chain Web 3.0 ecosystem, some of the top-tier DeFi protocols on the Solana network include Jito, Marinade, Kamino, Raydium DEX, and Sanctum, among many others.
The Solana network has received huge support from institutional investors and retail traders seeking to tokenize real-world assets. Additionally, the Solana network has registered a notable increase in meme coins, which currently have a market cap of about $9.6 billion and a daily average traded volume of around $1.96 billion.
