Coin Bureau’s host, Guy Turner, with two million followers on YouTube, made an optimistic prediction for the popular altcoin Solana (SOL), suggesting it could potentially break out by 35 to 45 percent above the $300 level. Turner’s bullish comment is based on the promising weekly and monthly charts observed in the early months of this year. Despite facing significant resistance at the $300 level, Turner noted that SOL is showing an “incredibly bullish” trend in both timeframes.
Predicting a 35-45% Rise
In his analysis, Turner compared Solana’s SOL to Bitcoin and presented a chart indicating a further rise in BTC trading parity. The trajectory of an altcoin in BTC trading parity often reflects the strength of that altcoin, according to the analyst’s analysis.
Additionally, Turner pointed out the approaching Bitcoin block reward halving, which is expected to drive BTC‘s price to new highs. Drawing from this positive outlook, the analyst expects SOL to make a 35 to 45 percent rise against BTC and surpass the pivotal $300 mark.
Key Factors Expected to Support the Rise
The analyst highlighted the importance of upcoming milestones outlined in the Solana Foundation‘s roadmap, which are expected to significantly influence SOL’s price trajectory. These milestones include the launch of token extensions, the introduction of new validator clients like Firedancer, increased institutional support, and enhanced developer engagement.
In line with Turner’s analysis, data from DefiLlama shows that the total value locked (TVL) in Solana’s diverse ecosystem of decentralized applications (dApps) has surpassed $4.6 billion, reaching an all-time high (ATH). This increase in TVL coincided with a surge in user influx, partly due to the recent memecoin hype, and several Solana-based tokens achieved significant gains.
A significant factor contributing to SOL’s price rise and the increase in TVL is the general bullish expectation among both individual and institutional investors. As investors turn to promising Blockchain projects, Solana stands out as a preferred platform with its scalability, performance, and growing decentralized finance (DeFi) applications ecosystem.
