Top Analyst Predicts Solana Big Breakout As its Market Cap Overtakes Paypal

Solana's Upward Momentum Propels Value to New Heights

Solana (SOL) has witnessed a remarkable upswing, driving its value 7% higher over the past week. This bullish surge has solidified Solana's position among the top five crypto assets by market capitalization, surpassing Dogecoin (DOGE) and relegating it to sixth place.

According to CoinMarketCap data, SOL experienced a noteworthy 3.7% increase in a single trading session, reaching a price of $180.4. This impressive rally was amplified by a substantial 53% surge in Solana's daily trading volume, indicating robust investor interest.

Bullish Outlook for SOL

Analysts are closely monitoring Solana's performance, anticipating that the platform's upward momentum may continue, potentially leading to new highs in the coming weeks. The rising trading activity and increasing valuation suggest growing adoption of this smart contract platform, despite the volatility inherent in the cryptocurrency sector.

SOL's Recent Performance

Data indicates that SOL attained a new high of $182K in the early morning hours, marking the end of Uptober. This month-long rally has propelled SOL's market capitalization to $84.71B, outperforming PayPal and other major crypto assets. SOL's parabolic surge of 3% further demonstrates investor optimism in its bullish trajectory.

Analyst Predictions

Crypto analyst CryptoBullet projects that the SOL/BTC trading pair is nearing a significant breakout. He anticipates that Solana's market dynamics may shift drastically if the bullish momentum continues. The analyst predicts that SOL could breach its historical triangle pattern and achieve new all-time highs. If SOL sustains trading above $175 and $179, it may potentially reach its November 2021 all-time high of $259.

Future Outlook

While it remains to be seen whether SOL can maintain its recent gains and dispel doubts about its scaling abilities, the analyst believes that the platform will enter a profit-taking phase influenced by the upcoming US election. He expects SOL to reach $200 before the end of the year.

Conclusion

The crypto market's price action this week has witnessed the culmination of the Uptober rally. While the longevity of this bullish momentum is uncertain, analysts speculate that the US election may provide a favorable environment for crypto assets. For continuous updates on SOL and other major cryptocurrencies in relation to the US election, follow The Bitjournal on .