To dive deeper, check out the complete article from original source:
https://droomdroom.com/solana-bullish-pattern/
Solana has experienced a significant rally in 2024, surging 631% over the past year from $25 to $170. 📈 This growth is underpinned by robust fundamentals and on-chain advancements. Key highlights include Solana’s breakout from a $122-$155 range, reaching a high of $188 in late July, though it corrected to $170 due to market fluctuations.
Technical analysis reveals a double bottom pattern, suggesting strong support at $125 and a potential continued uptrend as long as prices stay above $167. Resistance levels are noted at $155 and $140. Indicators like RSI and MACD hint at a bullish resumption, with RSI recovering to 46 and MACD indicating potential for another rally after some consolidation.
Looking ahead, Solana is expected to cross $200 in the short term and potentially reach $1000 in the long term. 📊 Price predictions for the coming years vary, with estimates of $200+ in 2024, $1000+ by the end of 2025 (especially if ETFs are approved), and $2500-$4000 by 2030.
Strong fundamentals bolster Solana’s growth. The blockchain boasts a theoretical TPS of 65,000 and a real-time count of 3000–4500 transactions per second. Additionally, its Total Value Locked (TVL) has surged to $5.43 billion, and its memecoin ecosystem is thriving with an $8.9 billion market cap. On-chain activity is at an all-time high, with 2 million active addresses. These factors contribute to Solana’s promising outlook and solidify its reputation as a strong contender in the crypto market. 🚀
