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Solana reaches a 12-week high at $174 amid rising sentiment, and mindshare, as analysts see potential for further gains.
Solana’s price clinched a twelve-week high today, moving against the broader market’s struggle for gains.
The cryptocurrency traded at $174, reflecting a 4.8% daily increase. This upward trend, which began around October 18, comes on the back of improving sentiment and strong mindshare metrics.
Expert analyst Miles Deutscher observed that the rise aligns with a notable uptick in positive sentiment surrounding Solana, as well as increased market discussions.
Improved Sentiment and Rising Mindshare
Recent sentiment analytics indicate that the positive tone of discussions around Solana has increased since October 18, paralleling its price rise.
This positive sentiment has contributed to a sustained upward momentum in Solana’s value. Notably, mindshare—a measure of the percentage of discussions Solana commands in the market—has also remained strong.
Solana sentiment and mindshare keeps going through the roof.
But the run is far from over.
I just uploaded an important $SOL update, including:
• My price prediction
• My top ecosystem picksIf you hold Solana, you need to watch this video 👉https://t.co/fsa8qabYHE pic.twitter.com/KX7xeG3gkn
— Miles Deutscher (@milesdeutscher) October 24, 2024
This measure fluctuated throughout the week but recorded a notable increase around October 19, maintaining a consistent level through October 24.
In terms of total mentions, Solana has accumulated 14,528 mentions across various platforms, reflecting significant interest. Engagement has reached 605,579 interactions, while smart engagement—defined by more meaningful interactions—amounts to 11,843.
Analyst Predicts Further Upside
Miles Deutscher believes that Solana’s price still has growth potential despite its recent rally. He suggests that the price could double or even triple, particularly if Bitcoin reaches new highs, such as $100,000 to $120,000.
He noted that Solana’s continued strength against Ethereum, which could further bolster its standing.
Deutscher also highlighted three ecosystem tokens with potential for higher returns than Solana itself. These include WIF, a leading memecoin within Solana’s network; Jupiter, a key trading hub for meme trading on Solana; and Radium, despite concerns about heavy supply releases that might limit upside.
Technicals Point to a Bullish Pattern
Another analyst identified a bullish “cup-and-handle” pattern forming on Solana’s price chart. This formation, typically a signal of a potential breakout, suggests that Solana is entering a new growth phase. The “cup” began forming in late 2021, followed by a bottom in 2023 and a gradual recovery by Q1 2024.
The “handle” phase is now ongoing, marked by a period of consolidation since reaching $206 earlier this year.
The analyst argues that if Solana breaks through the handle’s resistance level, this pattern could trigger a massive price rally to $4,500—a 2,547% surge from current levels.