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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 cap, has resumed its upward trajectory, recently reclaiming the 230 price level $.
On Wednesday, Solana price jumped nearly 7%, reaching $232 after a two-week correction period that followed its current record high of $263 on November 23.
Could the price of Solana climb to $4,000?
Recent price action suggests that Solana could be on track to not only retest its previous high, but potentially surpass it significantly.
Cryptocurrency analyst Ali Martinez highlighted a bullish “cup and handle” pattern forming on Solana’s monthly chart, indicating the potential for a remarkable uptrend.
Martinez predicts that if this model comes to fruition, Solana could see gains in excess of 1,650%, which would result in a new all-time high price of $4,000 per token.
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However, outlooks among analysts vary regarding Solana’s future trajectory. While some, like Cryptorangutan, emphasize with current momentum indicators and established buying pressure predicting a rise towards the $300 mark, others are calling for caution.
The analyst MoreCryptoonl, for his part, underlines a completed pullback structure, indicating a clear five-wave downward move. This analysis suggests that although the recovery is underway, it remains uncertain whether it will evolve into an uptrend or an ABC corrective structure.
Total value locked reaches $9.198 billion
Despite mixed technical signals, key financial indicators paint a largely positive picture for Solana. According to According to CoinMarketCap, the market capitalization stands at approximately $112.73 billion, positioning Solana as the sixth largest cryptocurrency.
Additionally, its total value locked (TVL) reached $9.198 billion, reflecting continued interest in its decentralized finance (DeFi) ecosystem. However, decentralized exchange (DEX) volumes fell 25% to $28 billion, indicating some volatility in trading activities.
The narrative around Solana has been further fueled by recent developments in the market. Grayscale deposit for a Solana ETF spot in the United States has generated buzz, as the cryptocurrency community anticipates the potential for increased institutional investment.
Additionally, Project Jupiter revised its $1.6 billion airdrop after a failed vote, while platform Pump.fun announced a record. income of $93 million for November, despite a weekly decline of 66%.
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In the DeFi landscape, Solana slipped to third place as Tron’s TVL jumped 78% to $13 billion, but it maintains a strong lead with 5.56 million active addresses.
However, the recent decline in DEX revenue and volumeespecially with Raydium experiencing a decline of 8.22%, indicates a need for stability in business activities within the ecosystem.
Featured image of DALL-E, chart by TradingView.com
