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Analysts say that Solana is now eyeing a 600% surge to $1,000.
A Bull Pennant formation on Solana also indicates an incoming surge
If the breakout happens, Solana's price could experience significant volatility, with the bulls holding the reins
Solana's TVL and daily active addresses are rising, according to The Block and DefiLlama.
Overall, the growing network activity shows an increasing investor confidence in Solana.
Solana, the fifth largest cryptocurrency on the market, is on the verge of a massive shakeup.
Analysts now believe that the cryptocurrency's current behaviour shows signs of an incoming 600% price increase
Here’s what analysts think of Solana, going forward.
In a recent tweet, analyst Ali Martinez opined a bullish formation on Solana.
"Solana is eyeing $1,000!" he said, going further to mention that the cryptocurrency was attempting a break from a bull pennant formation.
But what is a bull pennant?
Bull pennants are among the most bullish formations in technical analysis charts. They typically form when a cryptocurrency consolidates after a sharp price action to the upside before continuing upward.
The bull pennant on Solana
Bull pennants can take months to form, leading many investors to “give up” on them and take out their holdings.
However, they eventually reach their breaking points, and the cryptocurrency continues upwards in its trajectory.
In essence, Ali believes that Solana is showing early signs of a breakout from this formation and could be looking at an upcoming 600 - 900% rally.
If Ali speaks of this breakout is validated, we might see a period of serious volatility on the cryptocurrency, taking it up to the $1,000 mark.
Several other factors support Ali’s outlook.
For example, Ali made his thesis on Solana during the weekend, when the cryptocurrency's intra-day price was $173.
The charts show that the cryptocurrency has already broken out of this pennant as of Monday.
The pattern breakout on Solana
This marks Solana's first breakout from this formation in the last four months.
Interestingly, the Solana network’s TVL has also grown immensely over the last three months, from the Bitcoin post-halving dip to $3.53 billion.
At the time of writing, we have a Solana TVL of around $5.3 billion, an impressive +30% increase.
Solana’s TVL spike
This indicates that investors, developers, and users are breathing more life into the Solana network, and we might soon see a period of strong growth.
Moreover, according to The Block, the number of active addresses on the Solana network surged from around 1.44 million to 1.82 million during the same period.
This means that a staggering 2 million people now use Solana daily.
Solana’s surge in daily active addresses
In summary, while there are no guarantees, especially in the crypto market, the odds of a Solana price surge to this $1,000 mark grow bolder by the minute.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.