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As the broader crypto market recovers following the election of Donald Trump on November 5, Solana (SOL), currently the sixth largest token by market capitalization, has resumed its bullish trajectory, recently regaining the price level of 230 dollars.
On Wednesday, Solana price rose almost 7%, reaching $232 after a two-week correction period that followed its current all-time high of $263 on November 23.
Could Solana Price Soar to $4,000?
Recent price action suggests that Solana may be on track to not only retest its previous peak, but also surpass it significantly.
Crypto analyst Ali Martinez highlighted the formation of a bullish “cup and handle” pattern on Solana’s one-month chart. indicating the potential for a notable upward trend.
Martínez predicts that if this pattern develops, Solana could see gains of over 1,650%, resulting in a new record price of $4,000 per token.
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However, perspectives among analysts vary regarding Solana’s future trajectory. While some, like Cryptorangutan, emphasize Considering the current momentum indicators and established buying pressure, which predict a rise towards the $300 mark, others urge caution.
Analyst MoreCryptoonl, on the other hand, points out a complete retracement structure, indicating a clear five-wave movement downwards. This analysis suggests that while the recovery is underway, it remains uncertain whether it will turn into a bullish pattern or a corrective ABC structure.
The total value blocked reaches 9,198 million dollars
Despite the mixed technical signals, key financial metrics paint a broadly positive picture for Solana. According According to CoinMarketCap, the market capitalization amounts to approximately $112.73 billion, positioning Solana as the sixth largest cryptocurrency.
Additionally, its total value locked (TVL) has reached $9.198 billion, reflecting continued interest in its decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) volumes have fallen 25% to $28 billion, indicating some volatility in trading activity.
The narrative surrounding Solana has been further fueled by recent developments in the market. gray scale presentation for a Solana spot ETF in the US has generated buzz as the cryptocurrency community anticipates the potential for greater institutional investment.
Additionally, Project Jupiter revised its $1.6 billion airdrop after a failed vote, while platform Pump.fun reported a record revenue of $93 million for November, despite experiencing a 66% weekly drop.
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In the DeFi landscape, Solana has fallen to third place as Tron’s TVL increased 78% to $13 billion, but maintains a solid lead with 5.56 million active addresses.
However, the recent decline in DEX revenue and volumeparticularly with Raydium experiencing a drop of 8.22%, it indicates the need for stability in business activities within the ecosystem.
Featured image of DALL-E, chart from TradingView.com
