Solana (SOL) Primed For Upward Move as Bullish Bitcoin Indicator Flashes, New All-Time High Incoming?

A pseudonymous crypto analyst who goes by ‘NoLimit’ on the TradingView website has presented a bullish scenario for the Solana price.

Solana (CRYPTO: SOL) has been one of the standout performers in this crypto cycle, rallying over 1,000% in one year. This impressive rally was partly fueled by several meme coins on the Solana blockchain, which reached billion-dollar market caps last year.

While the SOL price was impacted by the broader market sell-off in June, its bullish momentum appears to be far from over. Several predictions anticipate the SOL price will beat its 2021 all-time high.

Solana Primed For Upward MoveA pseudonymous crypto analyst, known as ‘NoLimit’ on TradingView, has presented a bullish outlook for the Solana price, based on several technical developments.

According to the crypto analyst, a massive cup and handle formation is brewing on the SOL chart. This formation is significant as it has historically been bullish, and its appearance in 2021 marked the SOL price's previous all-time high of over $250.

Moreover, the crypto analyst also highlights the Fibonacci extensions, which indicate that the SOL price is poised for a new all-time high. These extensions suggest that SOL could reach prices of $550 and potentially even $840, which would entail a 450% increase from its current value.

In terms of broader market bullishness, the crypto analyst points to the Spot Ethereum ETFs as another factor contributing to the Solana price's potential to reach a new all-time high. Anticipation of the imminent launch of these ETFs has already propelled price gains, with some analysts expecting it to drive the ETH price to $5,000.

SOL Sees Increased Buying PressureOn its own, the Solana cryptocurrency has also performed remarkably well. According to data from on-chain token tracking website Coinmarketcap, the SOL daily trading volume increased by over 13% in the last 24 hours, bringing its trading volume to over $2 billion.

Given that the price also rose during this period, this indicates that the Solana price is experiencing buying pressure, which is a bullish sign for the coin's long-term performance. If this buying pressure persists, the altcoin could be on track to achieve a new all-time high in the near future.

At the time of writing, the SOL price is trading at $151.09, having enjoyed a 4.59% increase over the last 24 hours. On the weekly and monthly charts, the price has risen by 7.22% and 5.08%, respectively.

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