Despite recent hurdles, Solana is bouncing back with vigor. This year, it achieved a perfect 100% uptime and nearly doubled its total value locked (TVL) from $210 million to $415 million since the beginning of 2023, regaining attention in the crypto world.
After the SBF verdict, Solana (SOL) took a hit, losing over 5% and 12%. However, things started to look up as SOL’s price formed an upward trend. Solana broke the $28.16 resistance for the first time since July.
As the industry shifts focus from past issues, including the FTX/Alameda incident, and anticipates the next Bitcoin halving in 2024, the question arises: what does the future hold for Solana? Analysts predict better times for Solana. Can it beat Bitcoin and ETH?
The Future is Bright for Solana!
Raoul Pal, a former Goldman Sachs executive, in the latest interview on the Crypto Banter YouTube channel, has expressed high expectations for Solana (SOL), a prominent smart contract platform often seen as a competitor to Ethereum.
Pal believes that during the next bull market, Solana could reach the peak, potentially ranging between 1,097% and 2,294% from its current levels. At present, Solana is trading at $41.76, marking an impressive 300% increase since the beginning of 2023.
“My idea is somewhere between $500 and $1,000, just depending [on] what that market feels like.”
How the crypto market will shape up
Analysts see a future crypto market hierarchy with Bitcoin leading, followed by Ethereum, and then Solana. However, they also acknowledge the potential for a surprise rise in another digital asset, although they don’t specify which one. Pal underscores the ease of making a macro bet on Solana due to its evident strengths, including resilience during crises, successful launches, ongoing technological advancements, and a strong, engaged community.
Also Read: Solana Price Analysis: Will SOL Price Continue Bullish Trend This Month?
But, Why Solana?
Pal’s positive stance on Solana highlights his belief in its significant influence on the crypto world. He sees Solana’s strong fundamentals as a stand-out factor in the blockchain and DeFi field. It’s important to remember that crypto markets are inherently unpredictable, and the influence of FTX should not be underestimated. Notably, an additional $65 million in $SOL tokens from FTX wallets have recently been moved to exchanges.
Solana Price Prediction
The outlook for SOL, the 7th largest token, stands at a critical juncture. If it manages to break the $42.50 resistance, it could climb to $46.83 and potentially reach $50. Conversely, a drop below the support trendline could lead to a decline to $38.77 and even $33.29.
However, in the face of crypto market uncertainty, SOL could experience a significant drop, possibly testing $24.25. Investors are closely watching these levels for potential changes in SOL’s price direction.
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