Cryptocurrency analysts are extremely bullish on Solana price as its consolidation continues. SOL token was trading at $210 on Thursday, a few points below this week’s high of $225. It is still one of the best performing layer-1 tokens this year after soaring by over 80% since January.
Crypto analyst is bullish on Solana price
Most cryptocurrency analysts are extremely bullish on Solana price as its ecosystem continues booming. In an X post, one analyst known as Capsey, united that the 3-day chart looked phenomenal and that the coin was preparing for a big bounce ahead. He expects it to consolidate around the $200 and $220 level and then surge to $330 in the first quarter of next year.
More analysts are bullish on Solana, citing its strong fundamentals and the fact that it was just relisted by Robinhood, one of the top brokers in the US.
For example, Solana’s meme coin ecosystem has continued soaring, with all coins beng valued at over $21.5 billion. The biggest ones are the likes of Dogwifhat, Bonk, Peanut the Squirrel, Popcat, Cat in a dogs world, and Goatseus Maximus.
This growth has pushed Solana to overtake Tron to become the second-biggest blockchain in the industry after Ethereum. It has now overtaken Justin Sun’s Tron.
At the same time, the coin’s DEX volume has continued rising. Its DEX volume has soared by 124% in the last seven days to $30.5 billion. In contrast, Ethereum’s volume soared by 74% to $19.3 billion, while BSC, Arbitrum, and Base handled $9.5 billion, $9 billion, and $11 billion, respectively.
Solana price prediction
The daily chart shows that the SOL price has been in a steady uptrend in the past few months. It has formed a cup and handle pattern, and is now slightly above its upper side. In technical analysis, this is one of the most bullish patterns in the market.
Solana price has moved above the 50-day and 100-day moving averages. It has also formed a bullish flag pattern, a popular bullish sign in the market. Also, the Relative Strength Index (RSI) has continued to point upward.
The MVRV indicator has also jumped to 3, which is a sign that it is gaining momentum. Therefore, the path of the least resistance for the Solana price is bullish, with the next viable target being at $300.
