{"id":632649,"date":"2024-08-01T11:30:44","date_gmt":"2024-08-01T11:30:44","guid":{"rendered":"https:\/\/www.wncen.com\/?p=632649"},"modified":"2024-08-01T11:25:53","modified_gmt":"2024-08-01T11:25:53","slug":"analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/","title":{"rendered":"Analyst Says Solana Will Go Ballistic  In The &#8216;Mania-Like Stage&#8221;, Targets $600"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Solana is one of the top performers in the top 10, looking at the performance over the last year of trading. After plunging to around $8 after the collapse of FTX, prices went on to recover steadily throughout 2023 before rising to as high as $210 in March 2024.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Is SOL Ready For The &#8220;Mania-Like Stage&#8221;?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While SOL prices are cooling off at spot rates, retracting from this week&#8217;s highs, some analysts are confident. Taking to X, one analyst <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/CryptoJelleNL\/status\/23196634\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">believes<\/span><\/a><span data-preserver-spaces=\"true\"> the coin is within a breakout formation after clearing above a re-accumulation structure. For what&#8217;s there, SOL, the analyst added, is &#8220;ripe to push higher.&#8221; <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitwise-cio-bitcoin-not-bullish-enough\/\" target=\"_blank\" rel=\"noopener \">Bitwise CIO On Bitcoin: \u2018We\u2019re Not Bullish Enough\u2019 \u2013 Here\u2019s Why<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">If bulls flow back, reversing recent weakness, Solana could easily glide higher, entering what the analyst described as a &#8220;mania-like stage.&#8221; Looking at the SOL candlestick arrangement, the analyst predicts that SOL will rip higher, breaking above the all-time highs of around $260 recorded in 2021. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Afterwards, the coin is highly likely to scale out aggressively. By the trader&#8217;s estimation, Solana can quickly rally to as high as $600 if buyers take over.<\/span><\/p>\n<figure id=\"attachment_632650\" aria-describedby=\"caption-attachment-632650\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-632650\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?resize=1024%2C571\" alt=\"Solana ready to rip higher | Source: @CryptoJelleNL via X\" width=\"1024\" height=\"571\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=2048 2048w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=460 460w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=768 768w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=860 860w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=1536 1536w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=750 750w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTzhRi7XoAEm4Ud.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-632650\" class=\"wp-caption-text\">Solana ready to rip higher | Source: @CryptoJelleNL via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Still, only time will tell whether Solana Bulls have what it takes. From the SOLUSDT chart, the coin gained nearly 40% after sinking to as low as $122 in July 2024. There is a double top at around $190, though more obstacles lie at around the $200 to $210 resistance zone. <\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/sHkFQoFM\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/sHkFQoFM\/\" alt=\"Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView\" width=\"1233\" height=\"590\"><\/a><figcaption class=\"wp-caption-text\">Solana price trending downward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/sHkFQoFM\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Technically, SOL is within a bullish formation. If prices stay above $160, the resulting momentum could propel the coin above the immediate liquidation zone, spurring more demand.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Solana Finds Rapid Adoption, Flips Ethereum In Key Metrics<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Possible drivers would be fundamental factors, especially in the adoption and regulatory development fronts. Increasingly, more meme coin projects are launching on Solana, taking advantage of the platform&#8217;s high throughput and low fees. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/ethereum-1400-rally-to-50000\/\" target=\"_blank\" rel=\"noopener \">Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The proliferation of meme coins on the modern blockchain has also pushed DEX activity higher, challenging, and, in some instances, surpassing those posted on Ethereum. By the end of last week, Solana, one analyst observed, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/smyyguy\/status\/10389950\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">surpassed<\/span><\/a><span data-preserver-spaces=\"true\"> Ethereum in total gas fees and maximum extractable value (MEV) tips. <\/span><\/p>\n<figure id=\"attachment_632652\" aria-describedby=\"caption-attachment-632652\" style=\"width: 813px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-632652\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTqksA3WMAAeGTI.png?resize=813%2C458\" alt=\"Solana flips Ethereum in key metrics | Source: @smyyguy via X\" width=\"813\" height=\"458\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTqksA3WMAAeGTI.png?w=813 813w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTqksA3WMAAeGTI.png?w=460 460w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTqksA3WMAAeGTI.png?w=768 768w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/08\/GTqksA3WMAAeGTI.png?w=750 750w\" sizes=\"(max-width: 813px) 100vw, 813px\"><figcaption id=\"caption-attachment-632652\" class=\"wp-caption-text\">Solana flips Ethereum in key metrics | Source: @smyyguy via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Despite these impressive metrics, BlackRock is <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2024-07-29\/blackrock-s-cohen-on-ether-etfs-in-portfolios-video\" target=\"_blank\" rel=\"noopener nofollow\">hesitant<\/a> to embrace SOL and launch spot ETFs in the coming days. A BlackRock executive said the company&#8217;s current focus is on <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/eth-price-spot-ethereum-etfs-2\/\" target=\"_blank\" rel=\"noopener \">spot Bitcoin and Ethereum ETFs<\/a> since they align with their investment criteria.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Solana is one of the top performers in the top 10, looking at the performance over the last year of trading. After plunging to around $8 after the collapse of FTX, prices went on to recover steadily throughout 2023 before rising to as high as $210 in March 2024. Is SOL Ready For The &#8220;Mania-Like Stage&#8221;? While SOL prices are cooling off at spot rates, retracting from this week&#8217;s highs, some analysts are confident. Taking to X, one analyst believes the coin is within a breakout formation after clearing above a re-accumulation structure. For what&#8217;s there, SOL, the analyst added, is &#8220;ripe to push higher.&#8221; Related Reading: Bitwise CIO On Bitcoin: \u2018We\u2019re Not Bullish Enough\u2019 \u2013 Here\u2019s Why If bulls flow back, reversing recent weakness, Solana could easily glide higher, entering what the analyst described as a &#8220;mania-like stage.&#8221; Looking at the SOL candlestick arrangement, the analyst predicts that SOL will rip higher, breaking above the all-time highs of around $260 recorded in 2021. Afterwards, the coin is highly likely to scale out aggressively. By the trader&#8217;s estimation, Solana can quickly rally to as high as $600 if buyers take over. Still, only time will tell whether Solana Bulls have what it takes. From the SOLUSDT chart, the coin gained nearly 40% after sinking to as low as $122 in July 2024. There is a double top at around $190, though more obstacles lie at around the $200 to $210 resistance zone. Technically, SOL is within a bullish formation. If prices stay above $160, the resulting momentum could propel the coin above the immediate liquidation zone, spurring more demand. Solana Finds Rapid Adoption, Flips Ethereum In Key Metrics Possible drivers would be fundamental factors, especially in the adoption and regulatory development fronts. Increasingly, more meme coin projects are launching on Solana, taking advantage of the platform&#8217;s high throughput and low fees. Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? The proliferation of meme coins on the modern blockchain has also pushed DEX activity higher, challenging, and, in some instances, surpassing those posted on Ethereum. By the end of last week, Solana, one analyst observed, surpassed Ethereum in total gas fees and maximum extractable value (MEV) tips. Despite these impressive metrics, BlackRock is hesitant to embrace SOL and launch spot ETFs in the coming days. A BlackRock executive said the company&#8217;s current focus is on spot Bitcoin and Ethereum ETFs since they align with their investment criteria. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":626144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[7720,83767,12837,83626,92668,85361,83627,89583,91198],"class_list":["post-632649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-blackrock","tag-meme-coins","tag-sol","tag-solana","tag-solana-etfs","tag-solana-price","tag-solusdt","tag-spot-bitcoin-etfs","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\n<title>Analyst Says Solana Will Go Ballistic In The &#039;Mania-Like Stage&quot;, Targets $600<\/title>\n<meta name=\"description\" content=\"Solana, one analyst claims, is ready to fly, reaching $600 in the next bull cycle. 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In a post, the analyst said SOL is ripe to break higher\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-01T11:30:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-01T11:25:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Solana_d352fe.jpeg?fit=1792%2C1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Analyst Says Solana Will Go Ballistic In The &#8216;Mania-Like Stage&#8221;, Targets $600\",\"datePublished\":\"2024-08-01T11:30:44+00:00\",\"dateModified\":\"2024-08-01T11:25:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/\"},\"wordCount\":471,\"publisher\":{\"@id\":\"https:\/\/www.wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Solana_d352fe.jpeg?fit=1792%2C1024\",\"keywords\":[\"BlackRock\",\"meme coins\",\"Sol\",\"Solana\",\"Solana ETFs\",\"Solana Price\",\"SOLUSDT\",\"spot Bitcoin ETFs\",\"Spot Ethereum ETFs\"],\"articleSection\":[\"Solana\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/\",\"url\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/\",\"name\":\"Analyst Says Solana Will Go Ballistic In The 'Mania-Like Stage\\\", Targets $600\",\"isPartOf\":{\"@id\":\"https:\/\/www.wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.wncen.com\/news\/solana\/analyst-says-solana-will-go-ballistic-in-the-mania-like-stage-targets-600\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/06\/Solana_d352fe.jpeg?fit=1792%2C1024\",\"datePublished\":\"2024-08-01T11:30:44+00:00\",\"dateModified\":\"2024-08-01T11:25:53+00:00\",\"description\":\"Solana, one analyst claims, is ready to fly, reaching $600 in the next bull cycle. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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