Expert trader discusses Solanas journey to 4000
An analysis conducted by the trading expert, TradingShot, suggests that Solana (SOL), a decentralized finance (DeFi) platform, could see its price soar to over $4,000. In a recent post on TradingView on June 14, the forecast is based on an examination of Solana’s price movements, indicating that the cryptocurrency’s bullish trend remains strong.
The expert noted that Solana has been in a correction phase since reaching a peak in March 2024, following a significant rally in 2023 that required a technical realignment. One key aspect of the analysis is the one-week Relative Strength Index (RSI), which peaked in March and formed a double top pattern similar to one seen in August 2020. The RSI stabilized around 41.50 after dipping into bearish territory.
Despite the correction, the one-week moving average (MA50) has been consistently providing support since a bullish breakout in late September 2023. TradingShot highlighted the importance of the RSI’s bull cycle buy zone as an entry point for investors, suggesting that Solana’s price has not yet hit its lowest point.
Looking ahead, analysts explored Solana’s historical performance and predicted that if the cryptocurrency replicates the growth from the recent bear cycle bottom, it could reach slightly above $4,000. Solana has already surged by 2,500% up to its March high, and reaching $4,000 would mark a significant milestone for the network, positioning it close to established peers like Ethereum (ETH).
In the short term, crypto analyst Ali Martinez indicated in a June 15 post that Solana has reached a critical support level at $141, as shown by the TD Sequential buy signal. If this support holds, Solana could see a rebound lasting from one to four daily candlesticks. At the time of writing, Solana was trading at $145.66, with a 1.2% gain in the last 24 hours but a 9% correction on the weekly chart.
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