Solana price has given a strong breakout in a multi-year time frame, forming a cup-and-handle pattern that sets the next target to $4,000. Crypto analysts believe that this 20x gain on SOL is very much a possibility in the future bull run. With more than a 200% surge in 2024 so far, it is already one of the top-performing altcoins, with a market cap soaring past $100 billion.
Can Solana Price Stage Mega Rally to $4,000?
Renowned crypto analyst Ali Martinez has projected a bullish future for Solana ($SOL), suggesting the token could soar to $4,000. The prediction is based on the analysis of a classic “cup and handle” chart pattern. This ambitious target reflects growing confidence in Solana’s ecosystem and its long-term price trajectory.
Of course, this price target is a long-term projection as another $20x gain would mean that SOL becomes a $2 trillion asset, the current size of Bitcoin. But market analysts still believe that the mega SOL rally isn’t over and we could at least see $600 levels in the upcoming bull run and $420 by Christmas.
Following its monthly top of $263, the Solana price retraced more than 20% to hit the low of $203 on Tuesday, December 10, before bouncing back from there again.
Popular crypto analyst Altcoin Sherpa has shared a bullish outlook for Solana price, predicting that a bottom could form in the near future. According to the analyst, “Bottom formations are often violent events and take some time, but overall, those who are willing to buy are rewarded.”
I think we bottom relatively soon. Bottom formations are often violent events and take some time but overall, those who are willing to buy are rewarded. See $SOL in April pic.twitter.com/z9XDfKjiyZ
— Altcoin Sherpa (@AltcoinSherpa) December 11, 2024
Everyone is eyeing a fresh all-time high for SOL as other altcoins have been hitting new milestones. CryptoQuant analysis shows that Solana is one of the many altcoins that could hit fresh all-time highs after some healthy pullback over the last two weeks. The heatmaps for altcoins project SOL as a leading candidate to hit fresh all-time highs soon.
SOL ETF Approval Faces Resistance
While the market has been anticipating a spot Solana ETF approval for a long time, recent reports suggest that the current administration of the US SEC is unwilling to consider it. Crypto market analysts believe that would only be possible after Paul Atkins takes charge of the SEC chair next month in January.
It would be interesting to see how long would it take to approve SOL ETF after Donald Trump takes charge of the White House in January. Several market players like Bitwise, VanEck, 21Shares, Canary Capital, and Grayscale have filed for a spot Solana ETF in the past few months.
As of press time, the SOL price is trading at $219 with a market cap above $103 billion. The Coinglass data shows the 24-hour liquidation at $14 million with $10 million in long liquidations following the recent drop to $203.
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