{"id":35015,"date":"2024-01-12T00:52:39","date_gmt":"2024-01-12T04:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35015"},"modified":"2024-01-12T00:52:39","modified_gmt":"2024-01-12T04:52:39","slug":"solana-poised-for-major-upside-analyst-predicts-47-surge-after-price-breakout","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/12\/solana-poised-for-major-upside-analyst-predicts-47-surge-after-price-breakout\/","title":{"rendered":"Solana Poised For Major Upside: Analyst Predicts 47% Surge After Price Breakout"},"content":{"rendered":"

With the recent approval of Bitcoin exchange-traded funds (ETFs) injecting new inflows and igniting a sense of bullish sentiment in the market, Solana (SOL) is emerging as one of the top gainers<\/a> in the past 24 hours.\u00a0<\/p>\n

The cryptocurrency has experienced a 4.5% surge, trading at $99, aiming to reclaim the significant $100 milestone lost during a recent deep correction.<\/p>\n

Solana Bulls Targeting $150-$165 Price Range\u00a0<\/h2>\n

Solana, holding the fifth position among cryptocurrencies by market capitalization, could undergo a substantial price surge if the current upward momentum continues and successfully breaks out of its downtrend correction.<\/p>\n

Renowned crypto analyst Ali Martinez suggests <\/a>that Solana is breaking out from a bullish flag pattern formed on the 4-hour chart.\u00a0<\/p>\n

A sustained close above the $106 mark can trigger a remarkable 47% rally, propelling SOL towards the price range of $150 to $165.<\/p>\n

However, at the time of writing, Solana has retraced <\/a>below the upper boundary of the bull flag formation, which is positioned at $103.\u00a0<\/p>\n

Nevertheless, a breakout<\/a> could be imminent if the growing interest in the token persists alongside a sustained bullish momentum. This scenario would position SOL to regain its previously lost highs and set its course toward Ali Martinez\u2019s price targets within $150 to $165.<\/p>\n

SOL Market Cap Quadruples, DeFi, And NFT Metrics Skyrocket<\/h2>\n

Solana has showcased remarkable performance during the fourth quarter of 2023, positioning itself as a leader in the crypto market rally, according to a recent report <\/a>by Messari.\u00a0<\/p>\n

One of the key achievements for Solana in Q4 was its notable increase in market capitalization. SOL concluded the year with a market cap of $43.8 billion, marking a staggering 423% quarter-on-quarter (QoQ) growth and an astonishing 1,106% year-on-year (YoY) increase.\u00a0<\/p>\n

This growth propelled SOL to surpass notable tokens such as ADA, USDC, and XRP in market cap, securing the 5th position<\/a> among all tokens. It is worth noting that Solana began 2023 ranked 17th in market capitalization, highlighting its exponential rise in prominence.<\/p>\n

The Solana network\u2019s decentralized finance (DeFi) Total Value Locked (TVL) also experienced significant growth. Solana\u2019s DeFi TVL increased by 303% QoQ and an impressive 505% YoY, reaching $1.5 billion.\u00a0<\/p>\n

The report also highlights the notable increase in DeFi volume<\/a> on the Solana network. The average daily spot DEX volume experienced a staggering 1,116% QoQ growth, reaching $359 million.\u00a0<\/p>\n

Among the contributors to this growth, Orca accounted for 45% of the Q4 volumes, followed by Raydium with a 29% market share. Phoenix, a fully on-chain central limit order book, stood out by averaging over 9% of the DEX volume market share.<\/p>\n

Solana\u2019s influence in the NFT space also saw substantial growth during Q4. The average daily NFT volume increased by 356% QoQ, reaching $4.8 million. Solana\u2019s market share of NFT volume, excluding Bitcoin, grew from 9% to 26% QoQ, demonstrating its increasing significance in the NFT market.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

With the recent approval of Bitcoin exchange-traded funds (ETFs) injecting new inflows and igniting a sense of bullish sentiment in the market, Solana (SOL) is emerging as one of the top gainers<\/a> in the past 24 hours.\u00a0<\/p>\n

The cryptocurrency has experienced a 4.5% surge, trading at $99, aiming to reclaim the significant $100 milestone lost during a recent deep correction.<\/p>\n

Solana Bulls Targeting $150-$165 Price Range\u00a0<\/h2>\n

Solana, holding the fifth position among cryptocurrencies by market capitalization, could undergo a substantial price surge if the current upward momentum continues and successfully breaks out of its downtrend correction.<\/p>\n

Renowned crypto analyst Ali Martinez suggests <\/a>that Solana is breaking out from a bullish flag pattern formed on the 4-hour chart.\u00a0<\/p>\n

A sustained close above the $106 mark can trigger a remarkable 47% rally, propelling SOL towards the price range of $150 to $165.<\/p>\n

However, at the time of writing, Solana has retraced <\/a>below the upper boundary of the bull flag formation, which is positioned at $103.\u00a0<\/p>\n

Nevertheless, a breakout<\/a> could be imminent if the growing interest in the token persists alongside a sustained bullish momentum. This scenario would position SOL to regain its previously lost highs and set its course toward Ali Martinez\u2019s price targets within $150 to $165.<\/p>\n

SOL Market Cap Quadruples, DeFi, And NFT Metrics Skyrocket<\/h2>\n

Solana has showcased remarkable performance during the fourth quarter of 2023, positioning itself as a leader in the crypto market rally, according to a recent report <\/a>by Messari.\u00a0<\/p>\n

One of the key achievements for Solana in Q4 was its notable increase in market capitalization. SOL concluded the year with a market cap of $43.8 billion, marking a staggering 423% quarter-on-quarter (QoQ) growth and an astonishing 1,106% year-on-year (YoY) increase.\u00a0<\/p>\n

This growth propelled SOL to surpass notable tokens such as ADA, USDC, and XRP in market cap, securing the 5th position<\/a> among all tokens. It is worth noting that Solana began 2023 ranked 17th in market capitalization, highlighting its exponential rise in prominence.<\/p>\n

The Solana network\u2019s decentralized finance (DeFi) Total Value Locked (TVL) also experienced significant growth. Solana\u2019s DeFi TVL increased by 303% QoQ and an impressive 505% YoY, reaching $1.5 billion.\u00a0<\/p>\n

The report also highlights the notable increase in DeFi volume<\/a> on the Solana network. The average daily spot DEX volume experienced a staggering 1,116% QoQ growth, reaching $359 million.\u00a0<\/p>\n

Among the contributors to this growth, Orca accounted for 45% of the Q4 volumes, followed by Raydium with a 29% market share. Phoenix, a fully on-chain central limit order book, stood out by averaging over 9% of the DEX volume market share.<\/p>\n

Solana\u2019s influence in the NFT space also saw substantial growth during Q4. The average daily NFT volume increased by 356% QoQ, reaching $4.8 million. Solana\u2019s market share of NFT volume, excluding Bitcoin, grew from 9% to 26% QoQ, demonstrating its increasing significance in the NFT market.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/p>\n

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