The Solana Price Can Reach $4,500

SOL has formed a cup-and-handle pattern on its weekly chart, which shows that the Solana price can surge by 2,600% and rise to $4,500.

Cryptocurrency Solana (SOL) enjoyed a bullish week with a 16% price increase, bringing it to $167 at the time of writing. This price surge is largely attributed to the coin’s strong fundamentals, which include record DEX volumes and an expanding NFT ecosystem.

Solana Price Surges Past $160

Solana’s price enjoyed a surge of over 1,600% from its lowest point in 2023, which was $9.20 following FTX’s collapse. This surge is part of a larger price recovery that began in 2022, aiming to propel SOL past its previous ATH of $260.

However, FTX’s collapse and the market downturn that followed disrupted this price surge and caused SOL to drop to as low as $9.20. But, the coin’s fundamentals remained strong, setting the stage for a recovery.

This recovery began in the second half of 2023 and has seen SOL rally from around $40 to over $160 at the time of writing. This price surge is expected to continue, with some predicting SOL will reach four digits by the end of next year.

An analysis of SOL’s weekly chart reveals the formation of a cup-and-handle pattern, which usually indicates the continuation of an uptrend. This pattern spans from 2022, showing that the price surge is a continuation of a rally that began last year.

If this pattern plays out, the Solana price could enjoy a 2,600% increase from its current price and rise to as high as $4,500. This price target is significantly higher than crypto analyst Titan of Crypto’s forecast of SOL hitting $1,400.

However, both analyses highlight bullish chart patterns and anticipate a price surge. While reaching four digits may be ambitious, it is not out of the realm of possibility, especially considering SOL’s strong fundamentals and the potential for a market top in this bull run.

Solana Leads In DEX Volume

The Solana network led other chains in decentralized exchange (DEX) volume over the past week, a bullish development for the Solana price. Data from DeFiLlama shows Solana was ahead of other chains in both weekly and daily volumes.

Over the past 24 hours, the Solana network witnessed DEX trading volume of $2.17 billion, while Ethereum (ETH) came in second with $1 billion during this period.

Similarly, SOL was also ahead of ETH in weekly DEX volume with $12.8 billion to $8.8 billion, respectively. This made Solana the clear leader in both categories.

The narrative that Solana is becoming the new home of DeFi is getting stronger, and this has also strengthened predictions that SOL could flip ETH or at least challenge its dominance in this market cycle.

While that remains a big ask, it is worth mentioning that the Solana price is currently outperforming the Ethereum price in this bull run. SOL boasts a year-to-date (YTD) gain of over 63% compared to ETH’s 17%.

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