Based on market events, Analysts from Crypto Jebb predicted that Solana (SOL) could hit $1000 soon.
According to the analyst, the surge hinges on its Total Value Locked (TVL) data and the ability to attract Ethereum’s smart contracts through Solang programming. Currently lauded for its user-friendly layer and swift transactions, Solana’s market capitalization could soar past $450 billion if TVL predictions between $20 and $50 billion come to fruition, according to Crypto Jebb. This comes as analysts from Coin Bureau also predict a surge to $300.
However, according to the analyst, despite surpassing its all-time high market cap, there’s a possible higher risk for investors due to its continuous development and quick fixes to recent outages, which have kept the optimism alive. He also points to Solana’s robust infrastructure, which can handle the migration of billions in TVL from Ethereum, as a critical driver. According to him, this move could enhance Solana’s footprint in the digital currency space and redefine the landscape for blockchain technology and smart contract deployment.
Solana Market Outlook
Looking at Solana charts, the Alligator lines (Jaw – blue, Teeth – red, Lips – green) are starting to spread out, with the green line (Lips) below the red (Teeth) and the red below the blue (Jaw), indicating a potential continuation of the downtrend. On the other hand, the Money Flow Index (MFI) is around 8, which is extremely low and can indicate an oversold condition. This sometimes suggests a potential reversal or pullback, which may signal the asset is undervalued.
The Average Directional Index (ADX) is approximately 48, strongly indicating the current trend’s strength. Values above 25 typically suggest that the trend is strong, and in this context, it confirms the strength of the downtrend. The line chart indicates a sharp decline in SOL’s price over one day, showing significant bearish momentum.
1-hour SOL/USD chart | TradingView
On the other hand, the market cap has decreased by 7.96%, signaling a reduction in Solana’s overall valuation. The 24-hour volume has increased by 25.01%, suggesting strong selling pressure in a downtrend. Analysts still believe Solana is poised to hit a new high despite the downtrend.
