A widely followed crypto analyst says that smart contract platform Solana (SOL) looks bullish on multiple timeframes.
In a new video update, Guy Turner, the host of Coin Bureau, tells his 2.45 million YouTube subscribers that Solana’s weekly and monthly charts foreshadow a 35-45% breakout for the Ethereum (ETH) rival above the $300 price tag.
According to Turner, Solana is also breaking out against Bitcoin (BTC), and he says that since the flagship digital asset is itself on the cusp of a rally due to its upcoming halving event in April, Solana could go even higher.
12:30 “In SOL’s case, it appears to be breaking out against BTC on the weekly and the monthly, foreshadowing a 35 to 45% gain respectively.
What this means is that if BTC’s price stays roughly where it is, SOL could rally between 35 and 45%, bringing it close to that $300 mark. Given that the Bitcoin halving is just around the corner, it’s likely that BTC’s price will rally though. That means a 35 to 45% gain in SOL versus BTC would bring it above the $300 milestone.”
Guy goes on to say that four of Solana’s upcoming milestones will also play a key role in whether or not it surges to $300.
“Whether SOL can hit $300 or more depends on Solana’s milestones. The Solana Foundation put out a de facto roadmap back in January which included four milestones.
The first was the release of token extensions which you’ll recall occurred shortly after in January. The second milestone is the launch of new validator clients, namely Firedancer… the Firedancer client will significantly increase Solana’s speed but it’s not clear by how much…
The third milestone on Solana’s de facto roadmap is unspecified institutional support. The milestone notes that enterprises now have access to all the tools they need to build on Solana. The fact that Solana’s purpose is to be a decentralized NASDAQ suggests that tokenized real world assets could be coming.”
The fourth milestone, according to Turner, is the Solana Foundation’s call to developers to make use of all the tools at their disposal to build products and services over Solana.
SOL is trading for $181.55 at time of writing, a 5% decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
