Solana （SOL） has shown impressive performance over the past year, and analysts predict it could reach $600 if it enters a “mania-like stage.”
Points
- Solana has recovered significantly since the FTX collapse.
- Analyst predicts a breakout could lead to a price target of $600.
- Key metrics show Solana surpassing Ethereum in certain areas.
- BlackRock remains hesitant to launch a Solana ETF.
Solana （SOL） is one of the top performers in the top 10 cryptocurrencies, demonstrating impressive recovery and growth over the past year. After plunging to around $8 following the collapse of FTX, Solana’s price steadily recovered throughout 2023, reaching as high as $210 in March 2024.
Is SOL Ready for the ‘Mania-Like Stage’?
While SOL prices are cooling off at current rates, retracting from this week’s highs, some analysts remain confident. An analyst on X believes the coin is within a breakout formation after clearing above a re-accumulation structure. For now, SOL appears “ripe to push higher.”
If bullish momentum returns, Solana could easily glide higher, entering what the analyst described as a “mania-like stage.” Examining the SOL candlestick arrangement, the analyst predicts SOL will rip higher, breaking above the all-time highs of around $260 recorded in 2021.
Afterwards, the coin is likely to scale out aggressively. By the analyst’s estimation, Solana could quickly rally to as high as $600 if buyers dominate.
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Still, only time will tell whether Solana bulls have what it takes. From the SOLUSDT chart, the coin gained nearly 40% after sinking to as low as $122 in July 2024. There is a double top at around $190, though more obstacles lie at the $200 to $210 resistance zone.
Technically, SOL is within a bullish formation. If prices stay above $160, the resulting momentum could propel the coin above the immediate liquidation zone, spurring more demand.
Solana Finds Rapid Adoption, Flips Ethereum in Key Metrics
Possible drivers would be fundamental factors, especially in the adoption and regulatory development fronts. Increasingly, more meme coin projects are launching on Solana, taking advantage of the platform’s high throughput and low fees.
The proliferation of meme coins on the modern blockchain has also pushed DEX activity higher, challenging, and, in some instances, surpassing those posted on Ethereum. By the end of last week, Solana surpassed Ethereum in total gas fees and maximum extractable value （MEV） tips.
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Despite these impressive metrics, BlackRock is hesitant to embrace SOL and launch spot ETFs in the coming days. A BlackRock executive said the company’s current focus is on spot Bitcoin and Ethereum ETFs since they align with their investment criteria.
解説
- Solana’s potential to reach $600 relies on sustained bullish momentum and key technical breakouts.
- The platform’s rapid adoption and favorable metrics compared to Ethereum highlight its growing significance in the crypto space.
- Regulatory developments and major institutional decisions, such as BlackRock’s stance on Solana ETFs, will significantly influence SOL’s future performance.