Technical analysis (TA) indications give supporters of Solana (SOL) hope, however upcoming significant announcements may have an impact on SOL’s performance. Here are some people to watch out for, as well as potential future developments regarding SOL’s midterm performance.
Solana (SOL) technicals look super bullish, crypto veteran says
In the midst of declining trade volume, Solana (SOL), the central native cryptocurrency of the named proof-of-history blockchain, is undergoing a triple bottom and a falling triangle is building on the four-hour time frame. This combination, according to Abra’s Bill Barhydt on X, suggests a possible explosive increase.
https://x.com/billbarX/status/1743347090204606678?s=20
However, the strength of TA indicators may be overpowered by upcoming macro news in the cryptocurrency space, so traders who regularly trade SOL should be on guard.
The Solana (SOL) ecosystem is impacted by several positive catalysts in addition to volume and TA patterns, such as increasing stablecoin volume, enhanced scalability, and expanding developer support.
Barhydt came to the final conclusion that similar configuration may occur again in the upcoming 18 to 24 months.
For the first time since mid-August 2022, Solana’s (SOL) ecosystem TVL surpassed $1.5 billion in equivalent last year, with a 600% rise.
In the last days of December 2023, Solana (SOL) surpassed Ethereum (ETH), its main competitor, in several important criteria, such as aggregated DEX volume and activity indicators, among others.
Solana (SOL) meme coins exploding
Additionally, Barhydt retweeted a post made by Multicoin Capital’s well-known Web3 investor Kyle Samani. Samani stressed that Solana (SOL), which launches in early 2024, may be the first instance of a smart contract platform that addresses a number of DeFi issues.
There has been one extremely significant alteration. Unquestionable evidence currently exists that the Solana network is capable of operating *at scale*: 1) with approximately zero fees for normies; 2) without collapsing; and 3) without any insane DeFi breaches, hacks, cascading liquidations, etc. This is not only a result of internal standards. This is a production performance from the real world.
Crazy Solana (SOL) meme coin rallies have been happening in tandem with the ecosystem’s recovery. Named after Raj Gokal’s favourite dog, MYRO is the one that is expanding the quickest; in the previous seven days, it has added about 400%.
Today, January 6, 2024, MYRO is very close to overtaking Dogwifhat (WIF) in terms of market capitalization and taking its place as the second-largest meme coin on Solana (SOL).
