Solana Eyes $4K Amid Bullish Signals and ETF Hype

- SOL Price Shows Bullish Signal with Cup-and-Handle Reversal Pattern - Daily Trading Volume Increases, Driven by Technical Upgrades and Meme coin [Unblock Media] Recent price movements of Solana (SOL) show a cup-and-handle reversal pattern, indicating a bullish trend. This pattern analysis suggests the possibility of a price increase for Solana. If Solana's valuation reaches $4,000, it would be 20 times its current value. This would result in a market cap of $2 trillion, equal to the current market cap of Bitcoin. Throughout 2024, Solana's price rose over 220%, showing notable strength. It came close to its highest price of $264 but then slightly declined to $203. Both technical analysis and on-chain data indicate the potential for further market increase. The price dropped over 16% from its November peak, reaching $205.41, aligning with the strong reversal zone at the 61.80% Fibonacci retracement level and the 50-day exponential moving average. Subsequently, Solana rebounded and is trading around $220. Moreover, on-chain data confirms the recovery. Solana’s daily trading volume increased from $292 million to $762 million in just one week. One of the reasons for the recent increase in Solana's daily trading volume is due to technical upgrades and major partnerships. This trading volume was observed for the first time since November 20th. Increased trading volume leads to heightened market interest and liquidity, which are crucial factors for a price rally. According to Coinglass data, Solana’s long-to-short ratio increased to 1.03. This is the highest level in a month, and a ratio exceeding 1 indicates that more traders are using call options, signaling a bullish market. Cryptocurrency analyst Altcoin Sherpa has sent positive signals about Solana. He suggested that a bottom will soon be formed, which could bring good returns to investors. CryptoQuant data aligns with this, indicating that Solana might reach new all-time highs. The recent retracement has created a rebound opportunity, and the heat map also highlights Solana as a strong candidate for future expansion, showing robust performance indicators. There are rumors about a Solana ETF listing. Currently, US Securities and Exchange Commission (SEC) approval is uncertain, but some experts believe approval is likely after a leadership change in January. Several companies have already submitted applications for a spot Solana ETF, which will increase Solana's liquidity in the market. Currently, Solana is trading at $225, with a market cap surpassing 107 trillion won. Solana tokens are considered among the top altcoins likely to reach new highs due to their stability in price volatility and strong technical background. The overall cryptocurrency market sentiment remains bullish, with altcoins rallying alongside Bitcoin.