Solana (SOL) Price Prediction 2022: Can SOL Hit $1000?

On Wednesday, the Solana price surged 1% to challenge the monthly resistance line of $160. The bullish outlook is fueled by the rising Total Value Locked (TVL)

Solana price rose 1% on Wednesday to test the monthly resistance line of $160. The bullish outlook is driven by the rising Total Value Locked (TVL) in Solana’s ecosystem and the anticipation surrounding Grayscale’s recent filing for a multi-crypto ETF. As the SOL price completes a key breakout, analysts hint at the possibility of a new ATH of $1000.

In a recent tweet, crypto trader slurpxbt suggested that the Solana price is close to breaking out, adding that a move 10% higher could confirm the trend. He noted that the SOL price has been consolidating for the past eight months, and a bullish breakout could lead to a substantial rally.

Slurp also indicated that a possible 10% drop would be insignificant in the broader picture. While an immediate entry is not advised, the analyst portrays a long-term bullish outlook for SOL price.

Moreover, a prominent crypto commentator, Eugene Ng Ah Sio, has recently shared his price range targets for leading digital assets BTC, ETH, and SOL for the end of the current market cycle.

Assuming Donald Trump’s victory in the U.S. presidential election and a soft landing for the U.S. economy, analysts show Bitcoin to land between $100,000 and $200,000, Ethereum between $4,000 and $6,000, and Solana price to range from $500 to $1,000.

Ng’s post also noted that the global crypto market will reach $5-$10 trillion, indicating an optimistic outlook for the crypto industry. The tweet highlights the market is at “Leg 2” of the bull cycle, a suitable period for traders to lock in their investments.

SOL Bullish Momentum Builds as TVL Crosses $6 Billion Mark

According to DeFiLlama, the SOL’s total volume locked (TVL) has recently crossed the $6 Billion mark.

The rise in TVL indicates investors growing confidence in Solana’s ecosystem as more capital flows into its decentralized finance (DeFi) platforms.

In addition, the TVL increase aligns with the buzz surrounding Grayscale’s recent filing to convert its Digital Large Cap Fund, which includes SOL, into an exchange-traded fund (ETF).

Solana price analysis signals major breakout from reversal pattern

At press time, Solana price prediction trades at $156 while boosting a market cap to $73.58 Billion. An analysis of the daily chart shows the altcoin is 2.75% away from challenging the neckline resistance of an inverted head and shoulder pattern.

A potential breakout from the $160 region will bolster the bullish momentum and drive a 13% rally before buyers break the resistance of the current consolidation.

On the other hand, if Solana price fails to breach $160 or $180 overhead resistance, the sellers could force a prolonged consolidation for crypto holders.

Frequently Asked Questions (FAQs)

1. How is the rise in Solana’s Total Value Locked (TVL) impacting its price action?

The rising Total Value Locked (TVL) in Solana’s ecosystem is attracting attention and contributing to the bullish price outlook. As more capital flows into Solana’s decentralized finance (DeFi) platforms, it could lead to increased demand for SOL tokens, potentially driving their price higher.

2. What technical pattern is Solana forming, and what could it mean for its price?

Solana is forming an inverted head and shoulder pattern on the daily chart. This bullish reversal pattern typically indicates a potential for a breakout to the upside. If Solana price manages to break out decisively from the neckline resistance of this pattern, it could pave the way for a rally.

3. Can Solana achieve $1,000 by the end of the current market cycle?

While some analysts and crypto commentators have expressed optimism about Solana’s prospects, it’s important to note that predicting precise price targets can be challenging and influenced by various factors. However, some analysts have shared their price range targets for SOL, which include the possibility of reaching $1,000 by the end of the current market cycle.

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