Over the past 24 hours, the Solana price has seen a notable 2.2% rise amid overall market growth. Notably, one analyst forecasts a new all-time high with a 450% surge on the horizon.
Today’s growth pushes Solana further into the Green, adding to the 10.43% growth it has seen since last Tuesday, in line with the growth observed from other notable altcoins.
Significantly, this surge has displaced the losses suffered over recent weeks, it now stands at a monthly 7.75% gain.
Indeed, with this renewed life, trader interest in Solana has also soared. The altcoin’s trading volume has surged over 38.17% to $ 2.79 billion over the past 24 hours.
Analyst Forecasts a New Solana Price All-Time High – 450% Surge on the Horizon?
A pseudonymous crypto analyst who goes by ‘NoLimit_777’ has presented a credible bullish scenario for the Solana price.
Most significantly, the analyst highlighted the formation of a massive cup and handle pattern. This mirrors the pattern observed in 2021 before Solana’s price hit its current all-time high above $250.
Furthermore, the analyst also points to the Fibonacci extension, which suggests that the SOL price is headed for a new all-time high.
This extension suggests a Solana price of $550, potentially even reaching $840. Such an increase would represent a 450% surge from current prices and a new all-time high.
While technical indicators may set a strong precedent for the Solana Price, long-term sustainable growth will likely hinge on fundamental factors.
Most significantly, the analyst highlighted the potential Solana ETFs to be the most credible catalyst for a new all-time high.
This rides off of the back of the upcoming Spot Ethereum ETFs which have already begun to propel price, with analysts predicting it will send the Ethereum price as high as $5,000.
Something other experts believe Solana can capitalize on, citing a Solana ETF approval to see gains of up to 900%.
Solana ETFs are set to receive a decision from the United States Securities and Exchange Commission (SEC) around mid-March 2025.
This comes after the Chicago Board Options Exchange (CBOE) filed two Form 19b-4 applications on July 8 to list VanEck and 21Shares’ proposed ETFs.
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The post Analyst Predicts Solana Price Surge to $840: Here’s What Could Drive a 450% Increase appeared first on Cryptonews.
