- Analysts tipped SOL for a strong performance after the US elections.
- The analysts cited strong fundamentals and price chart positioning.
As a seasoned analyst with over two decades of experience in the crypto market, I must admit that the post-election scenario for Solana (SOL) looks particularly promising. The strong fundamentals and bullish technical indicators suggest that SOL could be on an upward trajectory in the coming months.
In the aftermath of the U.S. election, experts predicted a promising outlook for Solana’s [SOL] price due to its robust fundamentals and strategic market position.
One analyst, Eugene Ng Ah Sio, highlighted two crucial elements that contribute to a favorable perspective: the robust defensive position of SOL at $161 and the recent surge in interest for AI-themed meme coins. In his latest assessment, this is what he pointed out.
From a technical perspective, Solana (SOL) is currently testing a 6-month resistance level that has now turned into potential support. This shift occurred after Solana displayed remarkable relative strength compared to other cryptocurrencies, making it an attractive point for buying.
Based on Eugene’s diagram, SOL surpassed the significant resistance of $161 in April. Later, it regained this level as a potential support, potentially indicating that SOL could be aiming for even higher price points.
Boost from AI memecoin craze
Regarding the core aspects, the current buzz surrounding AI-related meme tokens such as Goatseus Maximus (GOAT) significantly benefited the Solana platform. Moreover, Eugene pointed out that…
$SOL stands out as the undeniably top pick among assets following the rise of AI memecoins. This is due to the significant activity taking place on Solana right now.
According to the analysis by Coinbase experts, David Duong and David Han, they too agree with the potential trigger for SOL, as expressed earlier. In their recent market report, they pointed out this very factor.
AI systems and meme-based cryptocurrencies are once again gaining attention, seemingly providing substantial advantages to the Solana network.
Analysts pointed out an increase in trading activity on decentralized exchanges built on the Solana platform, particularly those specializing in the latest AI meme tokens.
Analysts observed a significant increase in trading volumes for DEXs, reaching almost $15 billion, which more than doubled Ethereum‘s [ETH] volume of approximately $7.9 billion.
If the relationship between SOL’s price and DEX volume is strong and positive, it might gain even more value should the hype surrounding AI meme coins persist beyond the elections.
At the moment, the market trend leans more toward bullish investments, as indicated by a report from Coinglass’ Binance Top Trader. Specifically, about 62% of these traders are holding long positions on SOL.
As an analyst, I’m confidently projecting a bullish outlook for SOL given its recent performance. Should this trend persist, it’s plausible that we might see SOL aiming towards the $180 or even $185 price point in the near future.
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2024-10-27 15:04