Highlights
The Solana price experienced a V-shaped recovery in September, rising from $120 to $161— a 34% increase. This sharp reversal outpaced leading digital assets like Bitcoin (BTC) and Ethereum (ETH), highlighting Solana’s potential for a high-momentum rally. Will SOL price continue its upward trajectory in Q4?
Solana outperformed Ethereum (ETH) and Bitcoin (BTC) in the quarter that ended yesterday. SOL price gained 6%, while Bitcoin price added 1.55%. Contrary to the others, however, the Ethereum price lost a whopping 23% in Q3.
Bitcoin price performed better than Ethereum owing to the well-performing spot ETFs. According to data from Soso Value, spot Bitcoin ETFs have had over $18 billion cumulative net inflow. On the last day of Q3, Bitcoin ETFs recorded $61.3 million daily net inflow.
On the flipside, spot Ethereum ETFs registered $523 million in net negative inflows, with September 30 recording $822,000 in outflows. The bad performance of the ETH ETFs may be the primary contributor to its bad price performance throughout Q3.
Solana has been a standout performer so far, and if the past is a predictor of the future, then SOL is poised to dominate the 2024 bull run. Here are some reasons why this could be the case:
Solana TVL has grown by 3.58% year-to-date (YTD), while Ethereum’s TVL has increased by 0.9% in the same duration. The growth in TVL corresponds to price, as SOL price also rose by 43% while ETH price increased by 12% YTD.
Solana price chart shows a long-term upward trend following a significant correction. SOL price is forming a “Cup and Handle” pattern, a bullish continuation pattern.
The handle has been consolidating near the upper boundary of the cup, suggesting a potential breakout to the upside. A breakout above the resistance at $160 will serve as the confirmation trigger for a potential long-term price target of around $2,800 (based on the height of the cup).
The RSI shows a bearish divergence, making lower highs while the price moves higher, indicating a possible pullback or consolidation before a breakout occurs.
Solana price prediction shows the asset is poised to surge to new all-time highs. Short-term targets are $200, and long-term profit targets range from $350 to $500, with a potential extension toward $2,800 (as per the Cup and Handle pattern’s projection).
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