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- Solana has price has rallied more than 547 percent year-to-date despite the periodic FTX sales indicating a notable demand from institutional investors as an alternate investment product to Bitcoin and Ethereum.
- The rise of Solana-based meme coins led by BONK has significantly helped the SOL bulls to remain in control since the macro breakout.
The Solana (SOL) network has continued to outperform most of the top-rated layer one (L1) blockchains in the recent altcoin bullish breakout. According to our latest market data, Solana’s price has surged by a whopping 277% since mid-September to trade around $72 at the time of press.
The impressive SOL performance is by no means a stroke of luck as the team has been working during the crypto winter to negate the FTX-induced sell-off. As a result, the Solana network has caught the attention of most institutional investors seeking to diversify their crypto portfolio in preparation for the highly anticipated bull rally after next year’s Bitcoin fourth halving event.
Experts Take on How Far Solana Can Rally in the Near Term
According to a popular crypto YouTube channel InvestAnswers, if Ethereum (ETH) price, which is currently trading around $2375 hits $8k soon, SOL market cap could easily rally to either 10 percent or 20 percent of Ether’s market value.
As a result, the crypto analyst issued a price target of between $231 on the lower end, which could translate to a growth of about 266 percent, and $433 on the higher end, which could translate to an increase of more than 615 percent from the current levels.
According to another crypto analyst on X platform alias Ali Charts, Solana’s price has been forming an ascending triangle in the daily time frame, which could easily yield a short-term breakout towards $90. On the contrary, the crypto analyst expects the SOL price to retrace towards $47 in the short term if the bulls fail to secure a decent breakout in the coming days.
#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
Why Bet on SOL
The Solana ecosystem has grown to a mature multi-chain smart contract blockchain with more than 391 million SOL, representing more than 90 percent already staked to secure the network. Amid the mainstream adoption of DeFi protocols, the Solana has remained a favorite among most web3 developers, whereby the network has a total value locked of about $701 million and a stablecoins market capitalization of around $1.5 billion.
The Solana network revenue from DeFi protocols has also been on the rise in the past few months to about $57k daily, a new yearly high. Moreover, the Solana network supports some of the top-rated DeFi protocols like Lido liquid staking, Marinade Finance, Solend lending, and Orca DEX, among many others.
Notably, the Solana network has significantly benefited from the Saga smartphone, which offers its users a secure channel to venture web3 protocols. The Solana’s Saga mobile has superior features including a seed vault, and the ability to sign transactions using a fingerprint. Meanwhile, the Solana network has also benefited from the meteoric rise of its meme coins led by BONK.
