- Solana has posted 550% returns in last one year.
- SOL’s $100 targets can be expected soon as daily charts show Three White Soldiers pattern.
- Strong price movement shown by technical indicators.
- Analyst Predictions for $90 is confirmed by charts.
Solana has made more than 550% in the last year growing from $13.58 in Dec 2022 to $76 in Dec 2023. The growth has been due to several factors such as the end of the FTX issue, almost zero halts in the blockchain and its real-time TPS demand has risen by more than 2600.
Several analysts have bullish targets of $90 and above which we will use technical analysis, in the later part of this article, to confirm if the trend is really feasible.
Ali Martinez Expects Solana to Reach $90
Martinez who has 34,500 followers on X.com shared his views that Solana could rally by another 25% from $68 to $90 in the next few days. This was shared when Solana was near $68 and a close above $68 was necessary in a sustained manner.
#Note: Sustained close means when a cryptocurrency’s price closes above a target price and does not fall back even once below the target price.
In this scenario, the target price was $68. At the time of writing this article, the price of Solana has sustained well above the price of $76-$77. This confirms the past signal as shared by Ali Martinez.
Let’s Confirm Predictions by Analysts
The chart which Martinez shared on 7th Dec were hourly charts of SOL and it showed that the cryptocurrency was forming an ascending triangle pattern.
On 9 Dec 2023, SOL has broken above $68 and has sustained above those levels which confirms the trend of Ali Martinez.
However, there was some weakness seen in the price charts once it rose above $75 which possibly could be due to profit booking.
Another Surprise on Daily Charts
The daily charts of SOL which show medium-term trends have been showing the creation of a bullish pattern called “Three White Soldiers”.
This pattern is seen when the candles show three positive price movements over three periods (in this case, days). If this trend is confirmed, it could take SOL prices way above $100.
Further, in SOL daily charts both RSI and MACD has been showing positive indications.
- RSI has been above 75 which is very bullish and indicates strong price movements ahead.
- MACD has also shown a positive crossover where the MACD line (blue) has gone above trend line (orange).
Both of this indicators show that Solana has been highly bullish and could be expected to continue the trend in the near future.
Why Solana is Rising so Fast?
The cryptocurrency is one of the best achievers in 2023 with more than 550% gains due to a number of reasons.
- In 2023, its blockchain did not encounter any major outages which were common in 2022. The blockchain suffered more than eight outages in 2022. However in 2023, this figure reduced to just a single outage.
#Note: An outage is when a blockchain stops or halts due to any reason.
- As per Solana’s whitepaper, the theoretical transaction per second of the blockchain is 710k transactions. This is way ahead of the current demand of around 3k transactions per second and means that the blockchain is capable enough to scale in the future even if it witnesses a 100x surge in demand.
- With the end of the FTX issue, which held a major amount of SOL, its native cryptocurrency. The risk of a market collapse due to excessive selling has ended.
All of these reasons have contributed to Solana’s rise as one of the fastest growing major altcoin.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.