Analysts say Solana price breakthrough expected to rise significantly to $4,000
The price of Solana has shown a strong breakthrough over the years, forming a cup-and-handle pattern, setting the next target at $4,000. Cryptocurrency analysts believe that a 20x return on SOL is highly likely in the upcoming bull market. So far, it has already risen over 200% in 2024 and has become one of the best-performing altcoins, with a market capitalization soaring above $100 billion.
Can Solana's price rise significantly to $4,000?
Renowned cryptocurrency analyst Ali Martinez predicts a bright future for Solana ($SOL) and states that the token could soar to $4,000. This prediction is based on an analysis of the classic 'cup-and-handle' chart pattern. This ambitious target reflects the growing confidence in the Solana ecosystem and its long-term price trajectory.
Of course, this price target is a long-term forecast, as a further 20x increase would mean SOL becomes a $2 trillion asset, equivalent to the current scale of Bitcoin. However, market analysts still believe that SOL's super rally is not over yet, and we can at least see levels of $600 in the upcoming bull market, with $420 by Christmas.
After a monthly high of $263, the price of Solana retraced over 20%, hitting a low of $203 on Tuesday, December 10, before rebounding from there.
Renowned cryptocurrency analyst Altcoin Sherpa holds an optimistic view on Solana's price, predicting that a bottom may form in the near future. According to this analyst, 'Bottom formations often require some time and are usually triggered by dramatic events, but overall, those willing to buy will be rewarded.'
As other altcoins continue to set new highs, everyone is watching SOL to reach new highs. CryptoQuant analysis shows that Solana is one of the many altcoins that may set new highs after experiencing some healthy pullbacks over the past two weeks.
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