Solana Price Prediction: SOL Price Targets $1000 as Crypto Market Bull Run Gains Momentum

The post Solana Price Prediction: SOL Price Targets $1000 as Crypto Market Bull Run Gains Momentum appeared first on Coinpedia Fintech News

Following the failed assassination of pro-crypto US presidential candidate Donald Trump over the weekend, optimism in the crypto industry drastically improved. As Bitcoin price rebounded above $63k after being trapped in a bearish outlook in the last four weeks, the altcoin industry, led by Solana (SOL) and Ethereum (ETH), quickly followed the trend.

According to the latest market data, Solana’s price against the US dollar surged more than 5 percent in the last 24 hours to hover around $153 during the London session on Monday. 

The large-cap altcoin, with a fully diluted valuation of more than $88 billion and a daily average traded volume of around $2.5 billion, rallied more than 15 percent last week, thus signaling the emergence of bullish sentiment.

Solana Price Targets 

Solana’s price has been approaching the apex of a weekly descending triangle after consolidating in the past four months. Having established a solid support level around $122 in the last four weeks, Solana’s price against the US dollar is well positioned for a bullish rebound. 

Moreover, the weekly Relative Strength Index (RSI) has rebounded by 50 percent, signaling the end of the recent correction. On the daily time frame, SOL price has consistently closed above the 200-day Moving Average (MA), signaling a further uptrend ahead.

According to a popular crypto analyst alias Captain Faibik, Solana Price is preparing for the euphoric phase of the macro bull run. As a result, the crypto analyst has set a price target of about $1000.

Why Bet on Solana?

The Solana network is backed by a vibrant online community of Web3 developers and investors. It is the only top layer-one chain with a dedicated smartphone, Saga mobile. 

In addition to Ethereum, Solana is the only other altcoin with pending approval of a spot ETF in the United States. Last month, VanEck filed for a spot in the Solana ETF with the United States SEC.

Meanwhile, the Solana Web3 ecosystem has grown significantly in the last few months, with about $4.68 billion in total value locked and over $3.5 billion in stablecoins market cap. 

Rising Meme Coin Era

The Solana ecosystem has significantly benefited from its rising meme coin space, which is led by Dogfight (WIF), Bonk (BONK), and Popcat (POPCAT), among others. As of this writing, the Solana-based meme coins had a market cap of about $7.1 billion, and a daily average traded volume of about $1.4 billion.