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Will Solana reach $1,000? The analyst makes a bullish forecast despite the recession
Solana (SOL) weathered the market’s slight decline today, holding key support levels and sparking renewed optimism among investors. The altcoin boasts a 24-hour trading volume of $6.50 billion, cementing its position among the leading cryptocurrencies. The dominant position on the market for SOL is equal to 3.04%.
Analyst bullish on Solana, predicts meteoric rise
Famous cryptocurrency analyst Trader Tardigrade does not shy away from bold predictions. In a recent analysis, Tardigrade expressed a very optimistic view of Solana’s future price trajectory. According to the SOL analyst, currently trading at $170has successfully broken free from its recent consolidation pattern, which means a bullish move towards the incredible $1,000 mark.
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Macrostructure $SOL 🔥#Solana broke the 2nd triangle from the recent low and is heading towards $1000 🚀
Have you heard of it? #socialfi ON #Solana?
Interestingly, you can now share images with your friends via blockchain with private messages (wallet👛 to wallet👛)… pic.twitter.com/yoSnLK9dSs— Tardigrade Trader (@TATrader_Alan) May 23, 2024
Beyond price predictions, Tardigrade highlighted the exciting developments taking place in the Solana ecosystem. One such development is the rise of SocialFi applications, a new wave of social media platforms based on blockchain technology.
Although short-term price fluctuations have seen a decline of 4.50% in the last 24 hours and a decline of 1.30% in the last week, the overall outlook for SOL remains optimistic. Market watchers are particularly excited about both the immediate and long-term prospects of the cryptocurrency.
Impact on Ethereum ETF approval
The recent green light for the highly anticipated Ethereum ETF it is expected to have a ripple effect, positively impacting the entire altcoin market, including Solana. This market-wide bullish sentiment could push SOL prices even higher.
The approval of the Ethereum ETF not only means greater institutional trust in the cryptocurrency market, but also paves the way for other blockchain projects to gain mainstream attention. As more investors become comfortable with cryptocurrency investments through regulated financial products, altcoins like Solana are set to benefit from increased liquidity and wider adoption.
At its all-time high of $259 on November 6, 2021, Solana hit its highest price; at its all-time low of $0.503701 on May 11, 2020, it recorded its lowest price.
From its ATH, the lowest price was $8.00. From the previous cycle low, the highest SOL price was $207. Right now, there is an optimistic sentiment regarding the Solana price projection, and the Fear & Greed Index shows 76 (Extreme greed).
Featured image by Chorlton Fireworks, TradingView chart