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Solana to Hit $1,000? Analyst Makes Bullish Call Despite Downturn
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana to Hit $1,000? Analyst Makes Bullish Call Despite Recent Downturn

Christian Encila
Christian Encila
11 months ago
3 mins read
solana

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Solana (SOL) kept important support levels and inspired fresh investor optimism even though today’s market decline was minor. With a good 24-hour trading volume of $6.50 billion, the cryptocurrency is clearly among the leading cryptocurrencies. SOL’s market domination is 3.04%.

 

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Analyst Bullish On Solana, Predicts Meteoric Rise

Not shining away from bold predictions is eminent crypto analyst Trader Tardigrade. Tardigrade presented a somewhat hopeful assessment of Solana’s potential pricing path in a recent study. The expert claims that SOL, which is presently trading at $170, has effectively broken free from its recent consolidation pattern, indicating a bullish charge towards a startling $1,000 target.

Macro structure $SOL 🔥#Solana has broken out the 2nd triangle from the recent bottom and is heading to $1000 🚀
Have you heard about #socialfi on #Solana?
Interesting that you can now share images to your friends through blockchain with private messages (wallet👛 to wallet👛)… pic.twitter.com/yoSnLK9dSs

— Trader Tardigrade (@TATrader_Alan) May 23, 2024

Beyond mere financial forecasts, Tardigrade stressed the fascinating changes under progress in the Solana environment. One such change is the emergence of SocialFi apps, a fresh wave of social media networks developed on blockchain technologies.

Although short-term price swings saw a 4.50% drop in the last 24 hours and a 1.30% reduction over the past week, SOL’s general future seems bright. The immediate and long-term possibilities for the cryptocurrency particularly excite market watchers.

Ethereum ETF Approval Impact

The much awaited Ethereum ETF‘s new green light should have a knock-on effect, improving the whole altcoin market including Solana. This market-wide positive attitude might drive SOL prices far higher.

Acceptance of the Ethereum ETF not only reflects rising institutional confidence in the bitcoin market but also provides the avenue for more blockchain projects aiming at attracting general attention. More liquidity and greater popularity for altcoins like as Solana will help them as more investors feel comfortable with controlled financial product investments.

Solana is currently trading at $170. Chart: TradingView

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11 months ago

Solana hit its peak price at $259 on November 6, 2021; its lowest price was recorded on May 11, 2020, at $0.503701.

SOL seven-day price action. Source: CoinCodex

The lowest price recorded since its ATH was $8.00. The highest SOL price was $207, since the preceding cycle low. With the Solana price estimate, right now there is positive feeling; the Fear & Greed Index shows 76 (Extreme Greed).

 

Featured image from Space.com, chart from TradingView 

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is 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.

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Reason to trust

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The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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