Can Solana reach $1000 during the next bullish rally?

• SOL, according to experts, could reach $1,000 if strong purchasing pressure continues.
• SOL reached $150 as of press time and has the potential to surpass 50% of ETH market capital.

In the last week, Solana [SOL] The market has been volatile. The price initially fluctuated between $135-140, but dropped below $135 by the 12th July.

On the 14th, however, the recovery started, and the price peaked at just under $150 on July 15. 

SOL was trading at a price of $152.12With a trading volume of 2,480,830 713 dollars in 24 hours, this represents a growth rate of 4.93% over the last day and an increase by 8.64% for the previous seven days.

Expert market predictions

Captain Faibik stated Twitter (formerly on X), 

“I believe $SOL #Solana will hit the $1,000 mark in the upcoming Bullish Rally…” 

This projection is in accordance with Solana’s historical expansion trajectory which began at the end of 2020 and ended by mid-2021. 

After a long downtrend that lasted until the beginning of 2023, Solana is now on an upward trend, having broken out from a channel and formed a pattern. 

Daniel Cheung shared insights about X (formerly Twitter) as well. noting, 

“$SOL closed the week bullish — things are starting to look exciting again. My gut tells me we are playing on a similar fractal to Q3’21 with shades of Q4’20 — in both cases the most explosive returns were just around the corner.” 

Cheung believes that Solana’s accessibility will make it a valuable asset. potential for an ETFThe political climate is also a factor. 

Then, he added: 

“Many were shaken out by flip-flopping KOLs recently and only few had the conviction and patience to see this through. I am still a believer that SOL can likely get to 50% of ETH’s market cap this cycle.”

The volume of transactions has also remained stable with some fluctuations and gradual growth.

As per DefiLlamaThe number of active 24-hour addresses is 926 444, which indicates a high level of user engagement.

SOL Technical Analysis Indicators

Bollinger Bands indicator (BB) suggested that SOL traded mainly between upper and middle band, indicating a trend.

Price showed noticeable price volatility, especially in early trading hours. It even touched the middle band, which suggests a brief correction or consolidation before resuming an upward trend.

The Moving Average Convergence Divergence indicator (MACD), which measures the trend of moving average convergence and divergence, showed that there was a positive tendency.

The MACD crossover was bullish, with the MACD moving above the Signal Line, and this continued for several hours. This supported the upward price trend. 

TradingView

As the MACD line neared the signal, it showed that the momentum was waning, signaling the possibility of a bearish short-term phase.

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As of the press release, Stochastic Rsi indicator showed multiple overbought situations, reaching peaks in excess 80. The peaks of the Stochastic RSI indicator indicated that there was strong purchasing pressure during all trading sessions. 

The consistent trend of SOL reaching levels that are overbought suggests that the company has experienced high demand and this is what contributed to recent price increases.