Amidst the recent upswing in the broader cryptocurrency market, Solana (SOL) has mirrored the trend, with growth exceeding 60% in the past month.
Investors seeking insights into the next potential price target for this digital asset may find information in a post on X by cryptocurrency analyst Ali Martinez on December 7.
#Solana is approaching the apex of an ascending triangle that developed on its 12-hour chart. While this continuation pattern anticipates further gains for #SOL, caution is advised. ⚠️
A sustained close above $68.2 will trigger a bullish breakout toward $90. But watch out for… pic.twitter.com/0b4DAAVmeA
— Ali (@ali_charts) December 7, 2023
The post underscores the significance of Solana closing above $68.2 and maintaining support at $60 as crucial factors propelling it toward the $90 threshold. As of the latest developments, Solana has not only surpassed this threshold but also closed above the predicted range, indicating a sustained bullish momentum in the near term.
In the past 24 hours, Solana has exhibited bullish indicators, including a notable increase in its total value locked from $600 million to $833 million, as reported by Step Data Insights on December 9.
Solana’s Rally to Continue?
Solana’s native token, SOL, has experienced significant attention due to its rapid price increase, breaking above $70 and currently standing at around $77 apiece, which is more than a 500% increase since January 1.
SOL’s recent surge has turned it into one of the biggest performers of the altcoin market alongside Cardano and Avalanche, which have seen weekly surges of over 40% each.
Additionally, Solana has witnessed an increase in Total Value Locked (TVL) to approximately $670 million as of December 5, according to DefiLlama data. But this number remains considerably lower than the levels observed in the last quarter of 2021 — when SOL’s price peaked at over $250, and the TVL exceeded $10 billion.
Not only traders are bullish on Solana’s price performance and its future. Investment firm VanEck anticipates Solana’s entry into the cryptocurrency spot ETF competition by 2024, according to analysts Matthew Sigel and Patrick Bush in a newly published report.
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