The crypto market experienced minimal volatility during Saturday’s trading session, with Bitcoin maintaining stability above $65,000. Solana and other major altcoins also traded sideways, with Solana showing a slight 0.37% dip to $157. This period of consolidation allows buyers to catch their breath following a three-week upward trend.
In a recent tweet, prominent crypto influencer Cold Blooded Shiller made optimistic price predictions for Bitcoin, Ethereum, and Solana. He forecasted that Bitcoin would reach $110,000, Ethereum $6,000, and Solana $370. These forecasts were shared with his 293.3 followers on X (previously Twitter), sparking anticipation for more detailed insights in subsequent posts.
Supporting the potential for Solana’s price surge is the increasing Total Value Locked (TVL) currently at $5.46 billion, as reported by DeFiLlama. The uptrend in TVL reflects growing confidence in the network’s decentralized applications (dApps) and DeFi projects, attracting more users and capital.
Over the past five weeks, Solana’s price has shown a significant recovery from $120 to $156.9, marking a 30.78% increase. Its upward momentum has enabled it to surpass key daily exponential moving averages, signaling positive sentiment among investors. The current trajectory suggests a 15% surge in SOL price before testing resistance at $180, potentially breaking out from a seven-month consolidation phase.
A breakout above the trendline could target $280 initially, with further projections indicating a range of $380 to $400. On the contrary, a failure to breach the trendline may extend the consolidation period for Solana’s price. This analysis points towards a potential price target of $400 for Solana, showcasing an optimistic outlook for the cryptocurrency’s trajectory.
The original article can be accessed on CoinGape.