Solana’s Surge in Trading Volume and Price
Solana (SOL) has recently reached an 18-month high, with its price almost hitting the $70 mark, garnering significant attention from investors. This spike in price has been accompanied by a surge in trading volume across Solana’s decentralized exchanges (DEXs).
According to DefiLlama, the trading volume across Solana’s DEXs has surged by an impressive 35% in just a week, surpassing the significant milestone of $3 billion. This surge not only highlights the robust performance of SOL but also solidifies its position as a noteworthy player in the decentralized finance landscape.
Bullish Forecast For Solana
Renowned trader Bluntz, who accurately predicted Bitcoin’s floor price during the 2018 bullish surge, now has a bullish outlook for Solana’s future trajectory. Sharing his insights with his considerable following on social media, he anticipates imminent upward surges for SOL, adding a layer of anticipation to the excitement surrounding the cryptocurrency.
“$sol looking like a series of 1-2s from the lows on LTFs, next leg up should hopefully take us up to $80 and beyond,” said Bluntz in a tweet.
Bluntz points to Solana’s recent retracement to $54.78 as a potential for a rally, positioning Solana for a noteworthy shift in its market trajectory.
SOL’s market cap is currently at $23 billion. Chart: TradingView.com
Solana To Hit $82?
Bluntz observed a compelling low timeframe accumulation break on the crypto chart, suggesting a potential shift in momentum. He expressed confidence in the recent completion of a running flat correction, signaling a positive outlook and hinting at the likelihood of reaching new highs in the upcoming phase.
Amidst these bullish sentiments, analyst Jacob Canfield also predicts a significant surge for Solana during the next cryptocurrency bull run cycle, with the asset potentially reaching $1,000. However, there are also indications of a potential correction in the near future, as the FOMO effect surrounding Solana has peaked.
Based on Bluntz’ chart, it appears that he believes SOL will first rise to roughly $70 and then $82.50. SOL is currently selling for $56.75 as of this writing.
Featured image from Pexels
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