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As the broader crypto market rebounds following the election of Donald Trump on November 5, Solana (SOL), currently the sixth largest token by market capitalization, has resumed its bullish trajectory, recently regaining the $230 price level.
On Wednesday, Solana’s price rose nearly 7%, reaching $232 after a two-week correction period following its current high of $263 on November 23.
Is Solana Price Going Up To $4,000?
Recent price action suggests that Solana may be on track to not only retest the previous high but may significantly surpass it.
Crypto analyst Ali Martinez highlighted the “cup and handle” pattern that formed on Solana’s one-month chart, showing chances of a significant uptrend.
Martinez predicts that if this pattern plays out, Solana could see gains in excess of 1,650%, leading to a new record price of $4,000 per token.
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However, opinions among analysts vary about Solana’s future trajectory. While others, such as Cryptorangutan, emphasize current bullish indicators and established buying pressure, predicting a rise to the $300 mark, some urge caution.
Analyst MoreCryptoonl on the other hand, he points a completed pullback structure, showing a clear movement of five waves to the bottom. This analysis suggests that while the recovery rally continues, it remains uncertain whether it will develop into a bullish pattern or an ABC corrective structure.
The Total Locked Value Involved is $9.198 Billion
Despite the mixed technical signals, key financial metrics paint a very positive picture for Solana. According to according to CoinMarketCap, the market capitalization is approximately 112.73 billion, placing Solana as the sixth largest coin.
Additionally, its Total Value Locked (TVL) has reached $9.198 billion, indicating continued interest in its decentralized finance (DeFi) system. However, the value of the decentralized exchange (DEX) fell by 25% to $28 billion, indicating some volatility in trading activity.
The narrative surrounding Solana has been fueled by recent developments in the market. Grayscale’s to fill somewhere the Solana ETF in the US has generated buzz, as the cryptocurrency community anticipates growth opportunities for institutional funds.
In addition, the project Jupiter updated its airdrop of 1.6 billion after the failed vote, while the platform Pump.fun reported a record. net worth of $93 million in November, despite a 66% decline.
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In the DeFi scenario, Solana dropped to third place as Tron’s TVL increased by 78% to $13 billion, yet it continues to hold a strong lead with 5.56 million active addresses.
However, the recent decline in DEX revenue and capacityespecially since Raydium experienced a drop of 8.22%, it shows the need to stabilize trading activities within the ecosystem.
Featured image from DALL-E, chart from TradingView.com
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