Analyst Insights on Solana’s Price Action
Ali, a crypto analyst, recently shared insights about Solana’s current price action in a tweet. He highlights that Solana (SOL) is approaching the apex of an ascending triangle pattern on its 12-hour chart. While this pattern suggests further gains for SOL, caution is advised.
Ali mentions that a sustained close above the resistance level at $68.2 could trigger a bullish breakout, potentially pushing SOL towards $90. However, he cautions about the importance of the support level at $60. Any signs of weakness around this level could lead to profit-taking and a potential drop in SOL’s price to $47.
The Bullish Case for SOL in 2024
In a video titled “Solana Is About To Go F*cking Crazy In 2024” by Lark Davis, several key factors are discussed that could contribute to Solana’s significant growth in 2024. Let’s delve into these factors and the quotes from the video:
Investor Confidence and Network Activity
Solana has garnered the trust of influential investors, and despite past network outages, the recent doubling of total value locked (TVL) suggests restored investor confidence. Davis states, “Solana is still here, and for Solana holders, a lot has happened, but is it enough to restore investor trust? Well, it just might be.”
Staking and Liquid Staking Tokens
Platforms like Marinade Finance and Gito offer liquid staking tokens, which provide a prominent use case for Solana. This feature allows users to stake SOL and utilize the liquid staked token for other activities, enhancing the utility of the network.
Growing On-Chain Activity
The increasing number of active addresses and the rising value being moved on-chain indicate a surge in network activity. Additionally, USDC transfers on Solana have reached an all-time high, pointing to increased usage and adoption.
Pith Network and Airdrops
The development of Pith Network, Solana’s decentralized oracle solution, has brought significant advancements. It has introduced a unique airdrop strategy that rewards users for activities outside the Solana network, attracting new participants to the ecosystem.
Neon Ethereum Virtual Machine (EVM)
The Neon EVM project enables interoperability between Ethereum and EVM-compatible chains on Solana. This integration supports transactions using SOL, USDC, and USDT, enhancing Solana’s overall utility.
Fire Dancer Upgrade and Token 22 Project
Fire Dancer Upgrade: Developed by Jump Crypto, the Fire Dancer upgrade aims to enhance network efficiency and increase transactions per second to over 1 million. Davis explains, “Fire Dancer will add an entirely new independent validator set for Solana, increasing network efficiency and the number of transactions per second to over 1 million.”
Token 22 Project: The Token 22 project seeks to introduce enterprise-friendly features to Solana by establishing a regulated token standard. This will enable private transactions and business-focused interactions within a regulated environment.
Strategic Partnerships and Price Potential
Partnerships and Integrations: Solana has formed significant partnerships, including collaborations with Grayscale, Shopify, and Epic Games. Notably, the integration with Shopify holds promise for web3 payment integration and wider adoption.
Price Movement and Future Potential: Solana has witnessed a substantial price increase, and there is optimism regarding its future price potential. A report by Vanek asset managers even suggests a possible price of $3,200 per SOL by 2030.
Final Thoughts: Solana’s Outlook
Despite the challenges faced, Solana is regarded as a resilient and innovative network with notable developments and partnerships. These factors position Solana as a network to be closely monitored for its potential growth in the coming years. As Lark Davis concludes, “Solana is about to go f*cking crazy in 2024.”
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