Solana (SOL) continues to dominate the crypto chatter with its recent ascent to an 18-month pinnacle, nearly hitting the $70 mark and capturing the gaze of eager investors.
The limelight on the crypto extends beyond its price surge, as DefiLlama reports a noteworthy surge in the trading volume across Solana’s decentralized exchanges (DEXs).
In the span of just a week, the trading volume soared by an impressive 35%, surpassing the significant milestone of $3 billion.
This surge not only underscores the robust performance of SOL but also amplifies the platform’s resonance in the decentralized finance landscape, solidifying its position as a noteworthy player in the crypto realm.
Bullish Forecast For Solana
Simultaneously, a seasoned trader, renowned for accurately predicting Bitcoin’s (BTC) floor price during the bullish surge of 2018, now asserts a bullish outlook for Solana’s future trajectory.
This trader, having demonstrated an astute understanding of market dynamics in the past, anticipates imminent upward surges for SOL, adding a layer of anticipation to the already heightened excitement surrounding the cryptocurrency.
Dropping knowledge to a considerable following of 229,100 on the social media platform X, the pseudonymous analyst Bluntz shares an intriguing perspective.
— Bluntz (@Bluntz_Capital) November 19, 2023
Pointing to Solana’s recent retracement to $54.78, as observed just last week, Bluntz hints at the potential for a rally.
This insight adds a layer of anticipation to the ongoing crypto discourse, with followers eagerly awaiting the unfolding market dynamics as guided by Bluntz’s market acumen.
Based on Bluntz’ analysis, the correction witnessed in the previous week has strategically positioned Solana for a noteworthy shift in its market trajectory.
SOL market cap currently at $23 billion. Chart: TradingView.com
Solana To Hit $82?
This recent correction, rather than signaling a setback, is viewed as a preparatory phase that has set the stage for Solana to potentially establish a new high in the year 2023.
Bluntz observed a compelling low timeframe accumulation break on the crypto chart, suggesting a potential shift in momentum.
Expressing confidence, he noted the recent completion of a running flat correction, signaling a positive outlook and hinting at the likelihood of reaching new highs in the upcoming phase.
In my opinion, I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle and I’m going to lay out some ideas for you.
It’s possible that with the Ethereum ETF news that some of these ideas don’t play out, but it’s worth… pic.twitter.com/oii8vWs0W9
— Jacob Canfield (@JacobCanfield) November 9, 2023
Analysts now have the chance to forecast Solana’s potential future price trajectory thanks to its gains. During the next cryptocurrency bull run cycle, according to trader Jacob Canfield, the asset may reach an astounding $1,000.
However, the Solana-related FOMO (Fear of Missing Out) effect has peaked at a year ago, indicating that a correction may be imminent.
Based on Bluntz’ chart, it appears that he believes SOL will first rise to roughly $70 and then $82.50. SOL is currently selling for $56.75 as of this writing.
Featured image from Pexels