The market participants have become extremely bullish over the crypto space, with Donald Trump winning the U.S. presidential elections. The Bitcoin price surged to hit a new ATH above $75,000, which helped the Solana price rise above $180 with enough bullish support. Besides, the DeFi TVL hits $6.4 billion as Raydium surges by 28%, with a decent rise in the number of daily transactions.
The SOL price was stuck within a descending parallel channel and faced multiple failed attempts at piercing above the resistance. However, the positive rounds across the markets have initiated a strong ascending trend, which is believed to elevate the levels beyond $200 in the next few days. This may increase the possibility of a new ATH above $270 before the end of the year, and the price holds the potential to begin a 30% thereafter.
The weekly chart of Solana suggests the price is at the foothill of explosion as the token rises over a crucial range. Besides, the breakout has elevated the levels above the bull flag, which may trigger a strong upswing. One of the major bullish indicators is the bullish crossover of the Ichimoku’s conversion & base line. Previously, when such a crossover occurred, the SOL price surged by over 1000%, elevating the levels from the levels below $20 to as high as $200. Besides, the RSI is also following a parabolic recovery, which reflects strong bullish backing from the bulls.
Solana flipped BinanceCoin in terms of market capitalisation to become the 4th largest cryptocurrency. While the Bitcoin price appears to be primed to mark $100K in the upcoming bull run, the SOL price is also believed to mark a 4-digit figure as the token is about to break a bullish pattern, which may ignite a 100% rally to reach $500 in the upcoming bull run. Meanwhile, the possibility of reaching a 4-digit figure also remains elevated, as the Solana price has just flashed fresh bullish signals after 12 long months.
Therefore, Solana’s (SOL) price appears to be primed for a 50% upswing initially to reach $300, which may further push the prices higher depending on the market dynamics.
