A number of technical analysis (TA) indicators have Solana (SOL) enthusiasts feeling optimistic, but upcoming major announcements could impact SOL’s performance. Here’s who you should be particularly watching and what could be next for SOL’s performance in the medium term.
A number of technical analysis (TA) indicators have Solana (SOL) enthusiasts feeling optimistic, but upcoming major announcements could impact SOL’s performance. Here’s who you should be particularly watching and what could be next for SOL’s performance in the medium term.
Solana (SOL) Technicals Look Super Bullish, Says Crypto Veteran
Solana (SOL), the primary native cryptocurrency of the eponymous proof-of-story blockchain, is witnessing a triple bottom and descending triangle forming on the four-hour time frame amidst trading volume falling. This combination hints at a potential explosive rise, says Bill Barhydt of Abra en X.
At the same time, upcoming macroeconomic cryptocurrency news could overwhelm the power of the TA indicators, so those who trade SOL on a daily basis should remain vigilant.
In addition to volume and support patterns, the Solana (SOL) ecosystem is impacted by a number of positive catalysts, including growing stablecoin volume, advanced scaling, and growing developer support.
Ultimately, Barhydt concluded that this setup could be repeated in the next 18 to 24 months.
In the previous year, the TVL of the Solana ecosystem (SOL) increased by 600% and exceeded $1.5 billion in equivalent for the first time since mid-August 2022.
In the final days of December 2023, Solana (SOL) outperformed its key rival Ethereum (ETH) on a number of crucial metrics, including aggregate DEX volume, activity indicators, etc.
Solana (SOL) meme coins exploding
Additionally, Barhydt retweeted a thread from renowned Web3 investor Kyle Samani of Multicoin Capital. Samani emphasized that Solana (SOL) in early 2024 could be the first example of a smart contract platform that solves many problems in DeFi:
One very important thing has changed. There is now irrefutable evidence that the Solana network can operate *at scale*: 1) maintaining ~0 rates for standards; 2) without falling; 3) no implosions/hacks/cascade liquidations/etc. crazy DeFi (…) This is not just a function of internal benchmarks. This is real-world production performance.
The recovery of the Solana (SOL) ecosystem is accompanied by a series of crazy Solana (SOL) meme coin rallies. The fastest growing MYRO, named after Raj Gokal’s pet dog, added almost 400% in the last seven days.
As of today, January 6, 2024, MYRO is close to overtaking Dogwifhat (WIF) by market capitalization and replacing it as the second largest meme coin Solana (SOL).
