Recently, a popular crypto trader and YouTuber has predicted a substantial surge in Solana price, forecasting it could reach as high as $360 soon.

This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to bullish momentum.

Technical Insights Into SOL Potential $360 Rise

According to the trader, CryptoJack on X,  SOL has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout.

Notably, the ’rounding bottom’ pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis.

CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately $146.

Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing $500 this year.

This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date.

Solana Challenges Ethereum

While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV).

Smith’s analysis of X highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space.

Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over $2.75 million in fees, compared to Solana’s $1.49 million.

Solana vs Ethereum transaction fees. | Source: Dan Smith on X

Moreover, according to data from DeFillama, Ethereum’s TVL of over $53 billion dwarfs Solana’s $3.96 billion, representing just about 7.2% of Ethereum’s scale.

Meanwhile, Ethereum does not come close to Solana in terms of market performance. Solana has seen quite outstanding growth in the past year, surging by over 500%. On the other hand, Ethereum has only seen a 66% surge over the same period.

NewsBTC News Analysis Learn Directory Events CasinosTry Play GamesTry Crypto CasinoTry No KYC CasinoNew Breaking News: BREAKING: Former Binance CEO CZ Behind Bars: Sentenced To Jail For 4 Months News Analysis Learn Directory Events CasinosTry Play GamesTry Crypto CasinoTry No KYC CasinoNew Bitcoin (BTC) Bitcoin’s Make-Or-Break Moment: Trading Guru Predicts Rally Amid Market Uncertainty Samuel Edyme by Samuel Edyme May 3, 2024 in Bitcoin News Reading Time: 3 mins read Seasoned trader Peter Brandt has reignited discussions with a bullish Bitcoin forecast that could see the premier cryptocurrency soar to new heights. Amid skepticism and divergent market opinions, Brandt’s projection places Bitcoin on a potential path to reclaim its all-time high near $74,000. Related Reading: Bitcoin Bull Run Over? Analyst Predicts What To Expect Now Brandt’s Bullish Bitcoin Vision Peter Brandt, synonymous with market foresight, recently outlined a scenario where Bitcoin could experience a significant rally. His analysis, shared via a social media post on X with a BTC analyzed chart, suggests Bitcoin’s recent price movements align with patterns historically indicative of a bull market’s continuation. Despite the market’s recent downturns, Brandt’s projection points towards a potential surge to $74,000, a figure mirroring Bitcoin’s peak valuation. While Brandt’s optimistic outlook for Bitcoin has garnered attention, it also faces scrutiny from parts of the crypto community. Critics point to his past predictions, including significant downturns and peak valuations, as a reason for caution. 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now! Bruh was writing articles about Bitcoin Top and now saying it’s a correction. Come on man, Choose a side. — Sial (@aftabsial8) May 2, 2024 In response, Brandt emphasizes the critical role of adaptability in trading, noting: I can tell you know that you will end up losing all your capital. I’ve supported myself by trading for 50 years and know that successful traders have and execute the ability to be flexible. I’ll welcome your money. Split On Market Forecast Meanwhile, the broader crypto analyst community remains divided. Some echo Brandt’s sentiments, seeing the market’s current state as a temporary correction before a bullish reversal. Others, like analyst Scott Melker, suggest more bearish outcomes. They note the absence of key support levels that could lead to further declines if not held. Melker’s analysis indicates that, without these supports, Bitcoin could freefall to as low as $52,000. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Further complicating the landscape are indicators like the Relative Strength Index (RSI), which Melker points out has not reached oversold levels — typically a sign of a potential rebound. $BTC Daily Broke and retested range lows as resistance. Nothing but air until around $52,000 on the chart. My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold. Almost there now, all lower time frames oversold. This… — The Wolf Of All Streets (@scottmelker) May 1, 2024 This absence suggests a tepid confidence among investors, potentially paving the way for further price drops. Related Reading: Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom Despite the debates and technical analyses, the sentiment among some traders remains buoyantly optimistic. Traders like Marco Johanning argue that the structural market dynamics still favor a bull market scenario. This suggests that Bitcoin’s current price adjustments are part of a broader upward trend that will resume soon. Solana (SOL) price chart on TradingView
SOL price is moving sideways on the 4-hour chart. Source: SOL/USDT on

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source link