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As the overall crypto market recovers following the election of President Donald Trump on November 5th, Solana (SOL), currently the 6th largest token by market capitalization, has resumed its bullish trajectory and recently traded at $230. Price levels are being restored.
Solana prices soared nearly 7% on Wednesday, reaching $232 after a two-week correction from its current high of $263 on Nov. 23.
Could Solana's price soar to $4,000?
Recent price action suggests that Solana could not only retest its previous peak, but significantly exceed it.
Crypto analyst Ali Martinez highlighted a bullish “cup-and-handle” pattern forming on Solana’s one-month chart, indicating the possibility of a significant uptrend.
Martinez predicts that if this pattern plays out, Solana could earn more than 1,650%, resulting in a new record price of $4,000 per token.
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However, analysts have different views on Solana's future trajectory. Some, like Cryptoranutan, are predicting a surge towards the $300 mark, highlighting current momentum indicators and established buying pressure, while others urge caution.
On the other hand, analyst Moakriptunulu points out a complete pullback structure, indicating a clear 5-wave movement on the way down. This analysis suggests that although an economic recovery is underway, it remains uncertain whether it will develop into a bullish pattern or an ABC correction structure.
The price scenario for SOL could be a spike towards $300 or a return to $160. Source: MoreCryptool on X
Total amount locked reaches $9.198 billion
Despite mixed technical signals, key financial indicators point to a generally positive outlook for Solana. With a market capitalization of approximately $112.73 billion, Solana ranks as the sixth largest cryptocurrency, according to CoinMarketCap.
Additionally, total value locked (TVL) reached $9.198 billion, reflecting continued interest in the decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) trading volume fell 25% to $28 billion, indicating some fluctuation in trading activity.
The story surrounding Solana has been further fueled by recent market trends. Grayscale's application for a Spot Solana ETF in the US has generated buzz as the cryptocurrency community looks forward to a potential increase in institutional investors.
Additionally, Project Jupiter revised its $1.6 billion airdrop following voting failures, and platform Pump.fun reported record revenue of $93 million in November despite a 66% week-on-week decline. .
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In the DeFi space, Solana has fallen to third place as Tron's TVL increased by 78% to $13 billion, but still maintains a strong lead with 5.56 million active addresses.
However, the recent decline in DEX revenues and trading volumes, particularly Raydium's 8.22% decline, indicates the need for stability in trading activity within the ecosystem.
The daily chart shows SOL price recovery. Source: SOLUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com
