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Top Expert Predict SOL Likely to Hit $220

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Solana price recently had high market activity, trading around the $148 level at the time of writing.

Technically, Solana might be in for a change of direction, with crucial chart patterns and an increasing interest in the derivatives market driving it.

Solana Eyes Breakout: Will SOL Surge to $220?

The Solana price has fallen by 4.83% in the last 24 hours, but SOL is up over the week. According to analysts, SOL has entered into a symmetrical triangle that could lead to a breakout soon, while the trading volume was up 33% in the last day.

This would also mean that if the token were to break above resistance now, then it could head all the way up to $220, which would provide a 53.28% potential rise from present levels.

Traders are, therefore, closely watching the potential of this breakout, awaiting confirmation of an upward rally.

Due to the outbreak of NFT hype and increased demand in the DeFi community, Solana price more than tripled throughout Summer 2021.

That growth came off by the end of 2022, with SOL changing hands for $152.62 on September 30, 2024, roughly at the same valuation as it was at the beginning of 2021. The fall of crypto trader FTX in 2022 seriously dented the token, as FTX and sister company Alameda Research sold a ton of the cryptocurrency to avoid bankruptcy. One wallet affiliated with FTX/Alameda recently redeemed $23.75 million in SOL from the Proof-of-Stake network.

Solana to Explode Higher? Analyst Predicts 40% Surge

In a post published on TradingView, he has pinpointed several key indicators on Solana price weekly chart to form a foundation for his analysis. That shows that its Relative Strength Index (RSI) is well in line with the moving average and that MACD has just crossed above its signal line-high indicators that a strong price increase could be looming.

Solana-USDSolana-USD
Credit: TradingView

Currently, the cryptocurrency is trying to break the important resistance level, and in case a breakthrough takes place, analysts believe the price might go as high as $220, where investors could earn an attractive profit.

SOL presently changes hands at 156.4 USDT, which traders are seeing as a very good opportunity to join in with expectations of the surge higher.

Solana Price Soars, Analysts Eye Massive Gains

While already ambitious, RichRangatang’s forecast is dwarfed by analysts who have gone further. The famous analyst InvestingScope has given Solana price an impressive target of $5,000.

In fact, this came after it posted a 22% recovery from the recent lows, inspiring optimism for sustained upward momentum into the deeper parts of Q3 2024.

SOL recently jumped 3% in price, breaching the $153 level and commanding significant attention in the markets. The move has come at a time when a report by VanEck Research has suggested that SOL is poised to jump as high as $330, underpinning its increasing positioning in the highly competitive crypto ecosystem.

Solana’s Real-World Use Cases Drive Optimism

Besides an increase in Solana price, the token witnesses real-world adoptions, a trend that continues to catalyze the 2024 bull run. This is evidenced by the recent announcements of major financial institutions in showcasing the capability of this network for mainstream use.

An excellent example is PayPal itself, at the start of the year announcing the launch of its dollar-backed stablecoin, PYUSD, on Solana. “The scalability of Solana’s infrastructure and its ability to extend the utility of tokens make it an ideal blockchain for payment processors,” said the head of PayPal’s blockchain unit.

On the asset management side, VanEck and 21Shares are working towards offering a token exchange-traded fund. Filings for the firms were pulled from the Cboe website shortly after being submitted, but the companies insist their plans for a SOL ETF remain in play.

Yet some industry watchers are trying to temper expectations around a near-term Solana ETF. Nate Geraci, co-founder of the ETF Institute, recently said a SOL ETF isn’t likely to pop up “anytime soon,” and SEC Commissioner Hester Pierce has also tempered hopes, saying the regulator would need “pretty compelling reasons” to greenlight any fresh filings.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?

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The Dogecoin price has entered another stage of bullish momentum that has reignited inflows from traders. Notably, the DOGE price has surged by about 16.3% over the past 24 hours. This surge has brought into focus the possibility of the DOGE price reaching a new all-time high this year. 

Interestingly, a crypto analyst on the social media platform X has highlighted a bullish fractal that could push the Dogecoin price on a parabolic run.

Dogecoin Fractal Points To New ATH

Master Kenobi shared his analysis of the Dogecoin price action on X. In his post, Kenobi outlined a fractal setup, suggesting that DOGE is on the verge of a significant breakout. Kenobi attributed the fractal formation to the consolidation that began after the DOGE price reached $0.43

A bullish fractal is a pattern that suggests an upward reversal in price. This pattern, which occurs during price consolidations, is characterized by a middle bar that has the lowest low, flanked by higher lows on each side.

Kenobi’s analysis was accompanied by a DOGE chart on the four-hour candlestick timeframe. The chart revealed that a similar fractal had occurred during the first week of November. At that time, Dogecoin was consolidating after an initial surge past the $0.20 mark. This consolidation phase, much like the current one, was marked by low volatility and steady accumulation. However, the November fractal ultimately resolved with an explosive 115% rally over six days.

Drawing parallels with the November setup, Kenobi predicted that the Dogecoin price could replicate this outcome and create a new all-time high in the next three days. In terms of a price target, a breakout would see the DOGE price reaching the $0.74 mark, which would put it above its current all-time high of $0.7316.

Dogecoin
Source: X

What’s Next For The Dogecoin Price?

The prospect of a new all-time high for the Dogecoin price is gaining ground with each passing day, especially with the price action in the past 24 hours. At the time of the analysis, the DOGE price was trading at $0.41. Interestingly, the Dogecoin price has surged to $0.46 at the time of writing, which indicates that the bullish fractal breakout has happened. 

DOGE, which started November at $0.1616, is already up by about 230% in the past 30 days. Many on-chain data and price patterns point to a continued price increase, at least in the next few days and weeks. Ali Martinez, a popular crypto analyst, suggested that the Dogecoin price is in the middle of a bullish breakout to $0.82. If the price target is achieved, this would represent a further 78% gain from the current price.

Dogecoin price chart from Tradingview.com
DOGE price reclaims $0.47 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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BTC Continues To Soar, Ripple’s XRP Bullish

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The crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.

Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.

BTC Hits New ATH Amid Bull Crypto Market

BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.

Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.

Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.

Ripple’s XRP Steals Attention

On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.

Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.

Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Price To $28: Wave Analysis Reveals When It Will Reach Double-Digits

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Crypto analyst Behdark has predicted that the XRP price can reach $28. This prediction follows his Elliot Wave theory analysis, which also showed when the crypto will reach this double-digit price target. 

When XRP Price Will Reach Double Digits

In a TradingView post, Behdark’s Elliot Wave theory analysis showed that the XRP price can reach double digits by 2026. The analyst’s accompanying chart showed that the first double digits target for XRP will be $15, after which the crypto could eventually rally to $28. Behdark also provided more insights into XRP’s current price action and why this rally could happen. 

XRP Price 1
Source: X

First, the analyst mentioned that the XRP price looks to be currently within a running triangle. In line with this, Behdark remarked that wave D might complete its movement by hunting the all-time high (ATH) at $3.84. He mentioned that there could be a price correction for wave E afterward. 

Once that XRP price correction happens, Behdrak predicts the next move will be the post-pattern movement targeting a level above $15. This is where the price target of $28 comes into the picture, as the analyst’s accompanying chart shows it is a feasible target for the crypto, although it might not happen in this market cycle. 

An XRP price rally to $28 would mean that the crypto would have a market cap of $2.8 trillion. However, Behdrak suggested that this was still feasible. He noted that his focus was on chart analysis and not fundamentals, even though fundamentals are reflected in the chart itself. 

Meanwhile, the analyst told market participants that if a clear and identifiable pattern emerges when the XRP price reaches wave E of the triangle, they could position themselves for the main move to double digits. 

A Confirmation Of This Double Digit Target

Crypto analyst Dark Defender also recently shared an Elliot Wave theory analysis, which showed that the XRP price could indeed reach double digits. Specifically, the analyst’s accompanying chart showed that XRP could rally as high as $18 when the wave 5 impulsive move occurs. 

XRP Price 2
Source: X

Interestingly, unlike Behdark’s chart, which showed that the rally to double digits would happen in 2026, Dark Defender’s chart showed that the rally to $18 could happen as early as mid-2025. Meanwhile, the analyst said that the XRP price is currently in the third wave, with the crypto expected to rally to $5 when this next impulsive move occurs. 

Afterward, the XRP price is expected to witness a corrective move that will cause it to drop to as low as $4. The next impulsive move after this could send XRP to the $18 target. 

At the time of writing, the XRP price is trading at around $1.55, up over 10% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com
Token price moves above $1 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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