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Sunday, July 21, 2024

Solana (SOL) Price Prediction: Is $300 Possible After the Bitcoin Halving? (Analyst)

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The host of Coin Bureau, Guy Turner, tells his two million followers on YouTube that SOL might be on a potential 35% – 45% breakout above the $300 mark.

Turner’s bullish outlook is based on promising weekly and monthly charts throughout the beginning of 2024. According to him, SOL is looking “incredibly bullish” on both timeframes, facing stiff resistance at the $300 mark.

Can SOL Reach $300 After the Bitcoin Halving?

The analyst paired SOL against Bitcoin to showcase an even more bullish chart, given that BTC pairs demonstrate an altcoin’s strength.

Moreover, Turner highlighted that the Bitcoin halving is nearing, and the market expects that this event will catapult BTC to new heights.

“Given that Bitcoin’s halving is just around the corner, it’s likely that BTC’s price will rally. That means a 35 to 45% gain in SOL versus BTC would bring it above the $300 milestone.”

Turner emphasized that SOL’s price will be heavily influenced by the development of four upcoming milestones, as per the Solana Foundation’s updated roadmap. These milestones include the release of token extensions, the launch of new validator clients like Firedancer, more institutional support, and developer engagement.

Solana TVL Reaches New ATH

Solana has surpassed $4.6 in total value locked across its diverse ecosystem of decentralized applications (dApps), according to data from DefiLlama.

The surge comes amid a new inflow of users partially driven by the meme coin mania, of which several Solana-based such tokens have experienced substantial gains through the week.

As CryptoPotato reported, another important reason for Solana’s price and TVL increase can be attributed to the overall bullish sentiment coming from retailers and institutional investors alike.

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