Solana Price Could Reach $1,000, Analyst Explains Why
2023年11月10日 - 5:05PM
NEWSBTC
Crypto analyst Jacob Canfield has laid out a comprehensive
analysis, suggesting Solana (SOL) could be on the brink of an
unprecedented market surge. “In my opinion, I think that Solana is
going to continue to be one of the biggest movers during this
current bull market cycle,” Canfield states, proposing that Solana
could potentially escalate its market dominance to the 12-15%
range. Can Solana Hit $1,000? Canfield bases his analysis on
several indicators. He highlights the Solana Dominance (SOL.D)
chart, noting that at the peak market cap, it didn’t even crack 3%.
Given the current trends and the breakout of SOLBTC from its weekly
resistance, Canfield envisions a scenario where Solana could enter
a parabolic rally phase, which is further supported by the SOLETH
chart showing a similar pattern. “SOLETH – Also currently broke out
of a weekly resistance and looks to be forming a parabolic rally
against it.” A significant factor in Canfield’s analysis is the
current state of Ethereum Dominance (ETH.D). He notes that ETH.D is
breaking down from a long-term trendline and losing the 200 weekly
moving average, now sitting at 17%. “If Solana continues to trend
against Ethereum and it continues to break down to 2019-2020
levels, we could see SOL as the big winner this cycle,” Canfield
explains. Related Reading: Solana (SOL) Continues To Register
Notable Gains Daily, Is $50 the Target? However, Canfield does not
disregard the potential ramifications of recent news regarding an
Ethereum ETF. “This may not play out with the current ETF
announcement news as it will bring more attention,” he
acknowledges, indicating that an approved Ethereum ETF could shift
investor focus and capital back to Ethereum, potentially tempering
Solana’s ascent. Despite potential headwinds from the Ethereum
sector, Canfield emphasizes Solana’s robust partnerships with
corporate giants like Google, Circle, and Amazon, positing that
these collaborations could significantly drive adoption and enhance
Solana’s visibility in this cycle of the crypto market.
Furthermore, Canfield’s analysis extends beyond charts and
partnerships. He delves into the Solana ecosystem, spotlighting
projects that are paving the way for its expansion. From
decentralized finance protocols and automated market makers to NFT
storage solutions and governance tokens for gaming platforms,
Canfield points to a breadth of innovation within Solana that
parallels, and in some aspects, seeks to outdo Ethereum’s
ecosystem. In light of the FTX debacle, Canfield remarks on the
psychological impact on Solana’s market sentiment, noting that with
Sam Bankman-Fried’s legal troubles, there is an opportunity for
Solana to redefine itself. “There’s a bit of PTSD around the
ecosystem, but it’s time to become its own entity and forge its own
future,” he asserts, suggesting that Solana’s future will be shaped
by those who are deeply integrated into its ecosystem, from
developers to traders and influencers. Related Reading: Solana
Whale Deposits $11M In SOL To Binance, Bearish Signal? His
conclusion: “Solana could triple or quadruple it’s all time high
market dominance around 12-15% and if it continues to trend against
Bitcoin, could easily see a $1,000 per coin and take the #2 spot
behind Bitcoin.” When asked about the potential of Ethereum,
Canfield emphasized, “No reason to not have allocations to both.
It’s like trying to bet on Microsoft or Google. Tesla or Ford: Just
buy both.” Short-Term SOL Price Outlook On the shorter-term
horizon, analyst Rekt Capital brings attention to Solana’s price
movements in a recent post on X. “Solana continues to outperform in
the market. In 2021, SOL upside deviated to $53 and then $61 before
retracing to the bottom of the purple box,” he noted, referring to
a specific zone on the price chart that has historically acted as
both resistance and support. In the Rekt Capital chart, SOL is
currently breaking out above the zone. However, if history repeats
itself and the zone once again acts as strong resistance, the SOL
price could suffer a severe pullback. Using the green arrow in the
chart, Rekt Capital paints a scenario in which SOL initially falls
back towards $30 before the price rises again towards $42. Featured
image from ABCC Exchange, chart from TradingView.com
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