Solana is experiencing significant growth, marked by a record $314 million in bridged assets from Ethereum over the last 30 days. This represents a 463% increase compared to the volume transferred to Ethereum’s Layer 2 platforms. The influx of assets is seen as a bullish indicator for Solana’s price, boosting its Total Value Locked (TVL) and liquidity, while also increasing user activity within the Solana ecosystem.
Some analysts view this as a sign of Solana’s growing dominance over Ethereum, fueling speculation about a potential “flippening,” where Solana overtakes Ethereum in market position.
Price Outlook for Solana
There is growing investor confidence that Solana (SOL) could reach $178 in the short term. Experts note that if SOL manages to break through its 20-day exponential moving average (EMA), it could ease the current selling pressure. This would set the stage for Solana to target its 50-day simple moving average (SMA), where resistance at around $178 could be met.
However, if Solana drops below $120, it could trigger a more significant correction, possibly falling to $110 and potentially $90.
Long-Term Potential
Looking ahead, a cup-and-handle pattern is forming, which could signal a major breakout. Should this pattern play out, Solana could see an impressive long-term price target of $3,800.
Currently, Solana is trading at $129, reflecting a 4% decrease in the last 24 hours, though the overall market sentiment remains optimistic with Solana’s anniversary marking a positive milestone for its ecosystem.
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