An analyst now predicts continued Solana momentum following its 12-week high, stating it’s price may 2X or 3X from current levels.
Solana has reached a twelve-week high, trading at $174, as it bucks the broader market trend and shows signs of potential further gains.
This represents a daily increase of 4.8%, with the upward momentum beginning around October 18.
Analyst Miles Deutscher noted that this price rise coincides with improved sentiment and heightened discussions about Solana in the market.
Recent sentiment analysis indicates a positive shift in conversations surrounding Solana since October 18, which aligns with its price increase.
The sustained positive sentiment has helped maintain upward momentum in Solana’s value.
Mindshare, a metric reflecting the percentage of market discussions about Solana, has also remained strong, showing significant fluctuations but recording an uptick around October 19 that has persisted through October 24.
In total, Solana has garnered 14,528 mentions across various platforms, indicating considerable interest, with engagement reaching 605,579 interactions.
Notably, smart engagement—representing more meaningful interactions—totaled 11,843.
Deutscher believes that Solana still has room for growth despite its recent rally.
He speculates that prices could double or even triple, especially if Bitcoin approaches new highs between $100,000 and $120,000.
He also pointed out Solana’s continued strength relative to Ethereum, which may further enhance its market position.
Additionally, Deutscher highlighted three ecosystem tokens that could offer higher returns than Solana: WIF, a prominent memecoin in Solana’s network; Jupiter, a major trading hub for meme trading on Solana; and Radium, despite concerns over significant supply releases that might limit its upside.
Another analyst observed a bullish “cup-and-handle” pattern forming in Solana’s price chart.
This pattern, typically indicative of a potential breakout, suggests that Solana may be entering a new growth phase.
The “cup” started forming in late 2021, reaching a bottom in 2023, followed by a gradual recovery by Q1 2024.
The current “handle” phase is characterized by consolidation since Solana hit $206 earlier this year.
The analyst argues that if Solana breaks through the resistance level of the handle, this could trigger a substantial price rally, potentially reaching $4,500—a dramatic increase of 2,547% from current levels.
But I’m curious to hear what you think — are you bullish on Solana?
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Also Read: Solana Is Now About To Get Flooded With Massive Liquidity
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