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- Solana (SOL) poised for 100% growth due to technical patterns.
- Active user base surges, driven by meme coin frenzy.
- Ethereum parallels suggest SOL’s trajectory.
SOL, the native coin of the Solana blockchain, a platform popular for high-speed transactions and low fees, is poised for a meteoric rise. Analysts have been closely monitoring SOL’s trajectory, and their predictions are nothing short of bullish.
At the heart of this optimism lies a technical pattern visible on Solana’s 8-hour chart: the descending broadening wedge formation. This pattern suggests that SOL is coiling up for a potential breakout. If an upside move occurs, brace yourself for a significant bullish wave.
$SOL Update: ⚡️
— CryptoBreakout_trade (@breakout_expert) July 14, 2024
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➡️A Descending Broadening Wedge formation is visible on the 8-hour timeframe. If an upside breakout occurs, expect a significant bullish wave .📈#SOLUSDT #SOL #crypto #Solana #Solanaseason #solanaETF pic.twitter.com/z0wQT4Qt9D
Ethereum Parallels and Raoul Pal’s Insights
Analysts draw parallels between Solana’s current price action and Ethereum’s historic bull run in 2018. Raoul Pal, a prominent investor, has been vocal about SOL’s potential.
He points out that the charts of Solana and Ethereum during their respective lows exhibit striking similarities. Ethereum surged 47X from its 2018 bottom, and Solana seems to be following a similar trajectory.
The key differentiator? Solana’s closed system, which fosters community loyalty. Unlike Ethereum, Solana offers cheaper gas fees, making it an attractive choice for developers and users alike.
The Solana community’s resilience and unwavering support have been instrumental in its success. Solana’s active user base has skyrocketed, growing from 426,000 to a staggering 932,000 in Q1 2024.
This phenomenal growth is partly fueled by the meme coin frenzy, which has led to increased transaction numbers and higher fee revenue for the network.
While SOL has already surged nearly 15X compared to its bottom, some experts remain cautious. The inflation of SOL tokens poses a challenge.
However, the overall sentiment remains optimistic, with predictions ranging from substantial gains to nearly 100% growth in 2024. Meanwhile, SOL is trading at $145.13 having gained 4% in the last 24 hours.