The Solana price is up 1.88% in the last 24 hours following the broader market relief rally. The bullish turnaround allowed the SOL buyers to reclaim 200 days, accentuating the prevailing bullish trend. Amid the formation of a bullish chart pattern and rising network revenue, this layer-1 cryptocurrency is poised for further recovery.
Solana Price Eyes $1,000, ‘No Tomorrow Without It,’ Says Analyst
A recent analysis by crypto trader KongTrading suggests that Solana (SOL) price could experience a significant breakout if the current wedge pattern breaks to the upside. The added chart shows two converging trendlines acting as dynamic resistance and support for SOL price since March 2024.
With the price approaching the apex of this wedge, the asset is poised for a deceive breakout. The analyst stated, “Once this wedge on SOL price breaks to the upside, there will be no tomorrow without $1000”, projecting a highly bullish outlook for Solana’s potential growth.
Once this wedge on $SOL breaks to the upside, there will be no tomorrow without $1000 pic.twitter.com/roxjtCNIsU
— Kong Trading (@KongBTC) October 5, 2024
SOL Price Hints Reversal as TVL Growth Fuels Bullish Sentiment
The Solana price prediction daily chart shows a sideways action in the last seven months. While lower highs and higher lows price formation indicate no clear dominance from buyers or sellers, the growth in the network’s Total Volume Locked (TVL) suggests a positive outlook.
According to DeFiLlama data, the Solana’ TVL has showcased a slow yet sustained recovery from its April low of $3.46 Billion to $5.43 Billion, registering a 57% growth. Generally, this increase reflects a renewed confidence in the Solana ecosystem, as more liquidity is locked into its decentralized finance (DeFi) protocols.
By press time, the SOL price had traded at $143, maintaining a market cap of $67.18 Billion. If the geopolitical tension in the Middle East eased, this altcoin could rise 28% before challenging the wedge resistance at $183.
This potential move will reclaim daily exponential moving averages (20, 50, 100, and 200), bolstering the bullish market sentiment. These EMAs also offer suitable pullback support during market dips.
SOL/USDT -1d Chart
On the contrary, if the broader market correction persists, the Solana price October fall could retest $120 support, accounting for a 15% potential loss.
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