Solana predicts rapid growth in 2024

The crypto strategist who predicted bitcoin’s price low during the 2018 bear market has published his own forecast for the Ukrainian developer’s token. The analyst, who goes by the pseudonym Bluntz, believes that Solana SOL $187.71 Solana -0.08% Market capitalization $88.52 billion VOL. 24 hours $0.87 billion is preparing for a sharp rise.

As Bluntz told his 234,400 followers on the X platform, Solana is forming a bullish reversal pattern on the hourly chart. According to the analyst, he expects SOL to consolidate a bit before starting a parabolic rally.

«A nice rounded bottom is forming on SOL. I wouldn’t be surprised to see a sideways move on some high timeframe before the next dizzying parabolic stretch,» the expert said.

With Solana now trading well above pattern support, Bluntz predicts an imminent rally for the fifth-largest altcoin by market capitalization. «Good move off the lows for today on SOL. New highs are coming soon.» At the time of writing, SOL is trading at $ 101.62.

It is worth noting that by the end of 2023, Anatoliy Yakovenko’s cryptocurrency managed to grow by 617% over the year. As explained by Altcoin trader Sherpa, the leading altcoin Ethereum has become too expensive. Those users who trade with $ 100 on their balance cannot afford to interact on Бутерін" href="https://noworries.news/biography/vitalij-buterin/" data-bio-id="3642">Vitalik Buterin's blockchain. That’s when crypto users start looking for other options. In Solana, «you can do much more because it’s cheap.»