Solana price had a decent week. The 19% weekly increase is something the majority of SOL holders will gladly accept anytime.
A popular crypto analyst and trader ‘Ali’ posted a viral Solana price prediction on his Twitter account.
Ali, an experienced on-chain analyst, has garnered attention for his noteworthy predictions and analyses.
What you'll learn 👉
Bullish Solana Price Prediction
He predicted that SOL price is now ‘eyeing $1000’. Ali explained that on the SOL chart, you can see the price attempting to break out of the bull pennant pattern.
A bull pennant pattern is a technical chart formation that resembles a small symmetrical triangle after a strong upward movement. It’s considered a continuation pattern, suggesting that after a brief consolidation, the price may continue its upward trajectory. This is clearly visible on Ali’s chart below.
Ali suggested the price is ready for a 900% increase from current levels. In his chart, we can see that his price target is actually somewhere in the $1600-1700 area, with a projected date of late 2024.
If Ali’s prediction proves accurate, SOL holders are in for a treat. They made substantial profits in the same period last year when Solana pumped from $16 to over $200.
A more short-term price target for SOL is undoubtedly breaking that psychological $200 level. The price was rejected at this point earlier this year.
Read also: Metrics Align for Ripple: XRP Price Looks Ready to Pump to Next Key Level
This Week’s Solana Updates
Solana’s ecosystem continues to expand and attract attention from various sectors. PayPal announced PYUSD on Solana, solidifying it as a blockchain choice for stablecoin payment solutions. This move highlights Solana’s growing importance in the financial technology space.
Developers are actively testing new crypto projects and NFTs on the Solana platform, indicating a vibrant and innovative community. This increased activity could potentially drive more users and investors to the network.
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Show more +In a significant development, Bitbank announced its support for the migration of Render Network Foundation’s token from Ethereum to Solana. This transition could bring more traffic and liquidity to the Solana network.
Furthermore, Stripe demonstrated their upcoming payments solution on Solana using Phantom, signaling institutional interest in the network. This kind of adoption by major financial players could boost Solana’s credibility and usage in the long run.
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