Solana has pumped 15% in the past week, priced at $32. Its recent growth is powered by bullish technical and fundamental events. Yet, with such momentum, could SOL hit $40 for the first time since August 2022?
Market Displays Mixed Signals on Whether SOL Will Hit $40
The Solana 4-hour price chart shows an uptrend that has recently formed into a wedge. Given its upward trajectory, the compression could be a cooling-off period within the rally, followed by another leg up.
Additionally, Solana is finding support on the 20-day EMA, and its RSI indicator is near the oversold territory, illustrating that sellers may be exhausted.
Moving to on-chain analytics, DeFiLlama data shows an uptick in total value locked (TVL) and revenue recently, with revenue recovering to levels last seen in November 2022.
TVL and revenue growth are significantly bullish long-term factors, showing that community interest is growing, reflected in its recent pump.
Meanwhile, global asset manager VanEck just released a Solana price prediction, providing its bull and bear cases on the project for 2030.
According to its forecast, SOL could reach a staggering p$3,211 by 2030. However, its bear case predicts just $10.
The forecast was based on various data points, including the project’s developer market share and its revenue vs. expenses, along with qualitative data points like its contrasting philosophy compared to market leader Ethereum.
Yet despite these bullish predictions and data points, there is also a notable portion of the market that is bearish on SOL. This is evident in its price creating lower highs in its recent wedge formation.
One notable trader who expects Solana to sell off in the coming weeks is Nay_gmi. According to an analysis on X, the ongoing issues regarding FTX’s SOL holdings led to a surge in open interest driven by short sellers. However, at least $40 million of these short contracts were liquidated amid the broader market pumping, leading to Solana’s massive uptick in price.
Yet, the trader alludes that Solana remains at significant risk of the FTX estate’s holdings being liquidated.
In response to the tweet, another X user, WazzCrypto, noted a Solana conference is starting in three days, which has historically fared a “sell the news event.” The tweet also highlighted that this would act in confluence with Nay_gmi’s theory.
Meanwhile, IncomeSharks humorously pointed out that former BitBoy Crypto CEO Ben Armstrong tweeting he is now the “leader” of Solana is a sell signal.
IncomeShark said, “Twitter sentiment is an amazing indicator with the loudest people being the best ones to countertrade.”
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These factors have led analysts like Cilinix Crypto to predict 10x returns from its presale price. However, the presale will not last, having already raised $1.5 million in one month.
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