- Solana price has broken out of a multi-week consolidation ahead of an anticipated altseason rally
- On-chain data shows whale investors have been accumulating SOL in the past few days
- The DeFi ecosystem on the Solana network has experienced explosive growth fueled by memecoins
Solana (SOL) just broke out to a seven-month high, clearing $219, and the move has analysts like Altcoin Gordon talking about a potential run to $1,000. This isn’t just a simple technical breakout; it’s a move backed by a surge in on-chain demand from whales and a booming DeFi ecosystem that’s hitting all-time highs.
The analyst argues that SOL has broken out of an ascending triangle on the daily chart, positioning it to retest its all-time high near $293.
Why Analysts Believe Solana is Headed to $1,000
On-Chain Data Shows Whales are Accumulating
The Solana network is seeing a surge in demand from its biggest players. According to on-chain tracker Lookonchain, two whales recently pulled a combined 376,076 SOL (worth over $80 million) from Binance, a strong signal of intent to hold.
This is happening alongside a massive new institutional push. Forward Industries announced a $1.65 billion initiative, backed by giants like Galaxy Digital and Jump Crypto, to build the largest Solana-focused corporate treasury strategy.
According to market data from CoinGecko publicly traded companies with Solana Treasury Holdings have increased to 6, led by Upexi and DeFi Development Corp, and currently hold 4.4 million SOL coins.
Solana’s DeFi TVL Hits a New All-Time High
According to market data from DeFiLlama, the Solana network has seen its total value locked surge to a new all-time high of about $14.4 billion.
The notable surge in Solana’s TVL is largely attributed to the memecoin space, which has grown to a market cap of about $12.5 billion and 24 24-hour trading volume of about $3.2 billion.
Related: Solana (SOL) Price Prediction: Nasdaq Listing Sparks Optimism
Can Solana Mobile Add to the Momentum?
Solana price has also been helped in the recent past from the launch of Solana Mobile. Moreover, the Solana Mobile will help increase Solana’s on-chain activity, which is bullish in the short and long term.
Imminent Launch of Spot SOL ETFs in the U.S.
Solana price is well-positioned to perform well during the fourth quarter fueled by the highly anticipated approval of spot SOL ETFs by the U.S. SEC. Some of the fund managers that have applied for S-1 forms with the SEC include Grayscale, VanEck, Bitwise, Canary Capital, Franklin Templeton, Fidelity, and CoinShares.
Altseason Renaissance
As a top-tier altcoin, SOL price is well poised to rally in the coming months towards $1000 fueled by the anticipated 2025 altseason.
Wall Street experts led by Tom Lee from Fundstrat believe that the upcoming Fed’s monetary decision will be a major turning point for the crypto bull market if the anticipated 25 bps rate cut is approved.
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