Solana Price Surges to $232 Amid Predictions of 1,650% Growth
Following Donald Trump's election on November 5, the crypto market has rebounded, with Solana (SOL), the sixth-largest token by market capitalization, resuming its bullish trend and reclaiming the $230 price level.
On Wednesday, Solana's price increased nearly 7% to $232 after a two-week correction following its all-time high of $263 on November 23.
Potential Price Surge for Solana
Recent price actions indicate that Solana may retest or significantly exceed its previous peak. Crypto analyst Ali Martinez noted a bullish "cup and handle" pattern on Solana’s one-month chart, suggesting potential gains exceeding 1,650%, which could lead to a new record price of $4,000 per token.
Analyst perspectives vary: Cryptorangutan highlights current momentum indicators predicting a rise toward $300, while MoreCryptoonl notes a completed pullback structure indicating uncertainty about whether the recovery will form a bullish pattern or an ABC corrective structure.
Total Value Locked Reaches $9.198 Billion
Despite mixed technical signals, key financial metrics for Solana are positive. According to CoinMarketCap, Solana's market capitalization is approximately $112.73 billion. Its Total Value Locked (TVL) has reached $9.198 billion, indicating ongoing interest in its decentralized finance (DeFi) ecosystem. However, DEX volumes have decreased by 25% to $28 billion, signaling volatility in trading activity.
Recent developments also enhance the narrative around Solana. Grayscale's filing for a spot Solana ETF in the U.S. has generated anticipation for increased institutional investment. Additionally, the project Jupiter revised its $1.6 billion airdrop after a failed vote, while the platform Pump.fun reported record revenue of $93 million for November despite a 66% weekly drop.
In the DeFi landscape, Solana has fallen to third place as Tron’s TVL surged 78% to $13 billion; however, it retains a strong lead with 5.56 million active addresses. The decline in DEX revenue and volume, particularly with Raydium experiencing an 8.22% drop, suggests a need for stability in trading activities within the ecosystem.
Featured image from DALL-E, chart from TradingView.com