Solana (SOL) to Skyrocket: Analysts Foresee 100% Growth

• Solana (SOL) poised for 100% growth due to technical patterns.
• Active user base surges, driven by meme coin frenzy.
• Ethereum parallels suggest SOL’s trajectory.

SOL, the native coin of the Solana blockchain, a platform popular for high-speed transactions and low fees, is poised for a meteoric rise. Analysts have been closely monitoring SOL’s trajectory, and their predictions are nothing short of bullish.

At the heart of this optimism lies a technical pattern visible on Solana’s 8-hour chart: the descending broadening wedge formation. This pattern suggests that SOL is coiling up for a potential breakout. If an upside move occurs, brace yourself for a significant bullish wave.

Ethereum Parallels and Raoul Pal’s Insights

Analysts draw parallels between Solana’s current price action and Ethereum’s historic bull run in 2018. Raoul Pal, a prominent investor, has been vocal about SOL’s potential. 

He points out that the charts of Solana and Ethereum during their respective lows exhibit striking similarities. Ethereum surged 47X from its 2018 bottom, and Solana seems to be following a similar trajectory.

The key differentiator? Solana’s closed system, which fosters community loyalty. Unlike Ethereum, Solana offers cheaper gas fees, making it an attractive choice for developers and users alike. 

The Solana community’s resilience and unwavering support have been instrumental in its success. Solana’s active user base has skyrocketed, growing from 426,000 to a staggering 932,000 in Q1 2024. 

This phenomenal growth is partly fueled by the meme coin frenzy, which has led to increased transaction numbers and higher fee revenue for the network.

While SOL has already surged nearly 15X compared to its bottom, some experts remain cautious. The inflation of SOL tokens poses a challenge. 

However, the overall sentiment remains optimistic, with predictions ranging from substantial gains to nearly 100% growth in 2024. Meanwhile, SOL is trading at $145.13 having gained 4% in the last 24 hours.

Read Also 

• Raoul Pal States Solana To Lead New Crypto Market Expansion, RBLK Set To Follow In WIF’s Footsteps After Bigger Gains Than BONK This Month
• Expert Predicts Solana’s Value Could Skyrocket by 47x from Recent Lows
• Parabolic BTC Surge Imminent as Bitcoin Enters the Dramatic Banana Zone, New ATH Soon?
• Real Vision CEO Foresees Solana Doubling, Sparking Crypto Summer in 2024
• Parallel Finance Launches ETH-Backed NFT Finance Beta

The post Solana (SOL) to Skyrocket: Analysts Foresee 100% Growth appeared first on Crypto News Land.