Expert Predicts Solana (SOL) Price Spiking to $1,000 Based on These Rising Metrics

2024-8-21 15:30

Davinci Jeremie, a well-known crypto commentator, with more than 600,000 followers on YouTube made a video to discuss the price possibilities of Solana, suggesting that a spike to $1,000 is within reach.

Da Vinci began his discussion by acknowledging the enthusiasm surrounding Solana, noting that the project is “going 7x up from here.” He emphasized that despite recent fluctuations, the network’s strength remains undeniable.

Some Rising Metrics on Solana

Da Vinci highlighted some key factors contributing to its potential rise. He mentioned that Pump Fun acquired 0.1% of Solana supply through platform fees. The firm now holds $80 million in their fees—50% is in USDC and another 50% in Sol. This accumulation signals the growing influence and potential of Solana in the market.

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Da Vinci also pointed out the explosive growth within the Solana ecosystem, referencing the rise in active addresses as the Firedancer upgrade looms.

The network hit an all-time high of 54.33 million active addresses in July, up from 21 million at the start of 2024, marking a 151% increase in just seven months. This paints a picture of explosive growth, driven largely by meme coin mania on Solana.

While this has been a double-edged sword, driving user engagement while also stirring up controversy, it has undoubtedly contributed to the network’s rapid expansion.

Read Also: Is Cardano Still a Relevant Cryptocurrency Amid Widespread Bearish Sentiment? ADA Price Analysis

Some of the criticisms are that there are thousands of coins being launched every day. Also, many tokens pump and then crash to zero, and these have been promoting various pump-and-dump schemes on the network.

The analyst thinks we are going to see Solana go up to $1,000 like Ethereum did. He attributes this potential spike to the network’s utility, particularly its appeal to those involved in meme coins and the tools being developed around them.

SOL Price Prediction

In his analysis, Da Vinci outlined how Solana’s price movement might unfold. He stated that Solana has set a base at $130 and it is not bullish or bearish. However, when such price support is formed especially with a strong bullish momentum we could see a heavy pump.

He suggested that Solana could target $500 after breaking past $270, with the possibility of reaching even higher levels in the future.

With the combination of robust network growth, strategic accumulation by major players, and the continued development of essential tools within the ecosystem, he believes a spike to $1,000 is not out of the question. As he put it, “More and more tools are going to be built on Solana, and we’re going to see it explode heavily.”

The potential for a significant price increase is clear, but as Da Vinci emphasized, it will be the network’s continued utility and expansion that ultimately determine whether Solana can reach the coveted $1,000 mark

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The post Expert Predicts Solana (SOL) Price Spiking to $1,000 Based on These Rising Metrics appeared first on CaptainAltcoin.

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As the first week of September concluded, the Solana (SOL) price settled at $124, raising concerns for investors as the fifth largest cryptocurrency risks breaching the critical $100 threshold.   According to market analyst Ali Martinez, recent technical analysis indicates that a sustained close below the channel’s lower boundary at $126 could trigger a significant price correction for Solana, potentially dropping to $110 or even $90.

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