SOL Price Poised For 900% Surge to All-Time Highs

On Jul 25, 2024

Solana’s (SOL) price has risen more than 26 percent in the past two weeks, signaling a possible bullish uproar ahead. The large-cap layer one (L1) altcoin, with a fully diluted valuation of about $104 billion, has gradually risen to almost retest the May high above $185.

Following the recent approval of spot Ethereum (ETH) ETFs in the United States, speculation on Solana’s next development has spiked. Moreover, more institutional investors have been betting big on Solana’s success in the Web3 space. VanEck has already filed for a spot in Solana ETF with the US SEC but could wait until next year for the final verdict.

Is Solana Price Ready for a Rally Ahead?

After being trapped in a consolidation mode in the past five months, the Solana price against the US dollar has signaled a possible bullish rally ahead. Amid the heightened crypto cash rotation favoring the altcoin industry, the Solana price is well positioned to rally toward its all-time high.

According to popular crypto analyst Ali Martinez, the Solana price is on the cusp of a 900 percent rise following a bullish breakout in the past two weeks. Furthermore, the Solana price established a solid support level of around $120, coupled with a rebound of the weekly Relative Strength Index (RSI) at the 50 percent level.

Random ramblings of a relic
It can be argued that $SOL broke out
This is NOT a signal for me because I consider this to be a diagonal pattern
I do not consider this a BO until May high is penetrated but by then the R:r is not favorable pic.twitter.com/65s5NAoRmJ
— Peter Brandt (@PeterLBrandt) July 24, 2024

However, veteran trader Peter Brandt has cautioned crypto investors to wait for Solana price to rally beyond May’s high to long the instrument.

Market Picture

The Solana ecosystem has registered a notable spike in on-chain activity, decoupling Ethereum for the first time in a 30-day trailing DEX volume. In the past three days, whale investors scooped over 238k SOL units, worth more than $41 million from the Binance exchange.

A continued rising adoption of Solana, fueled by its robust meme coins, could trigger the next phase of the bull run, characterized by euphoric optimism.

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