Solana’s price has made a strong breakout in long-term charts, forming a cup and handle pattern. Crypto analysts believe that a significant increase for SOL could be possible in the upcoming bull run. With a projected rise of over 200% in 2024, Solana’s current market capitalization exceeds $100 billion. Throughout the year, SOL Coin has been one of the top-performing altcoins.
Potential for Solana to Reach $4,000
Noted crypto analyst Ali Martinez envisions an optimistic future for Solana 
$189 (SOL), suggesting that it could rise as high as $4,000. This prediction is based on the analysis of the classic “cup and handle” chart pattern. This ambitious target reflects growing confidence in the Solana ecosystem and its long-term price trajectory.
While this price target is a long-term projection, achieving it would imply that SOL reaches a market value comparable to Bitcoin 
$94,988‘s current $2 trillion market capitalization. However, market analysts expect that the mega SOL rally is far from over, anticipating that SOL may see at least $600 levels during the next bull run (ATH) and possibly $420 by Christmas.
SOL ETF Approval and Challenges
The market has long awaited approval for a spot Solana ETF, with recent reports suggesting that the current management of the SEC is not inclined to evaluate such proposals. Crypto market analysts believe this could change following the appointment of the SEC chair in January.
Market players like BITWISE, VanEck, 21Shares, Canary Capital, and Grayscale have filed for spot Solana ETFs in recent months. Currently, the price of SOL trades around $228, with a market capitalization over $103 billion.
According to Coinglass data, Solana’s 24-hour liquidation volume stands at $14 million, with long position liquidations reaching around $10 million following the recent decline. CryptoQuant analysis suggests that Solana has the potential to reach new all-time highs after experiencing healthy corrections over the last two weeks.
Growing confidence in the Solana ecosystem and technical indicators support analysts’ high price targets. For investors tracking market trends, Solana’s future seems promising. However, given the volatile nature of crypto markets, it is crucial to approach investments with caution and awareness. Although reaching $4,000 appears feasible on paper based on the long-term cup and handle model, such a surge would require a corresponding expansion of the overall market size.
