Solana’s rally in the past few weeks will likely pause as it approaches a key resistance level. Despite this critical hurdle, the optimism surrounding SOL is not diminishing and will continue to grow due to the meme coin frenzy. As long as the bullish outlook remains steady, investors can expect Solana price to shoot higher. This article also looks at an ongoing pattern that forecasts SOL to surge 810% as stablecoin company Tether continues to mint billions in USDT to match the market demand.
Can Tether’s USDT Mints Influence Solana Price?
Tether, the company behind the USDT stablecoin, minted $2 billion in less than 24 hours, all of which was sent to exchanges. Since stablecoins are required to purchase cryptocurrencies, it is vital to meet the incoming demand. As a result, Tether has done this during the previous bull runs to match the bull run demands from retail and institutions alike.
Tether just minted $2B in less than 3 hours.
We’re going higher pic.twitter.com/IL8dkCBh4k
— Daddy ZeeJay (@daddyzeejay) November 18, 2024
Here’s how Tether minting USDT has affected Bitcoin’s price in the past. The chart below shows that minting USDT has resulted in local bottom formations, eventually leading to massive rallies. If history repeats and Bitcoin soars after Tether’s recent $2 billion mint, then top altcoins like Ethereum, Solana, and Dogecoin are likely to pump with BTC.
Tether Minting vs Bitcoin price
Let’s explore how high Solana could go next, as technical analysis forecasts SOL price could shoot up 810% this cycle.
SOL Technical Analysis: Solana Eyes 810% Surge
Solana price forecast shows an asset at the cusp of entering price discovery. After a prolonged period of consolidation between $145 and $240, the price broke out of the horizontal resistance, signaling a potential continuation to the upside.
Recent weekly candles exhibit large bullish bodies, affirming strong buying momentum. The breakout candle shows a decisive move with above-average volume, reinforcing the bullish breakout.
The recent breakout constitutes the beginning of the third impulse wave of the Elliot Wave Theory, which indicates an extension phase with significant upside.
Solana Price Analysis Chart
On the way up, Solana price is expected to find resistance around $325, $650, and $1946. This last target, which is based on the bull flag height, will constitute an 810% increase from the current price.
Conversely, SOL price may find support near $240 (the recently broken resistance now acts as support), and at $145.
Factors Fueling the 810% Price Surge Speculation
Solana is one of the best-performing crypto assets in the top 10 ranks. SOL market dominance increased by a whopping 22% since the year began, outdoing Ethereum (ETH), BNB (BNB) and XRP (XRP).
The DeFi Investor notes that ‘SOL price discovery will melt faces’ after Solana as a network surpassed Ethereum and all layer 2s in DEX volume.
Solana surpassed Ethereum + all L2s in DEX volume for the first time ever.
SOL price discovery will melt faces. pic.twitter.com/AOL5jnBArI
— The DeFi Investor (@TheDeFinvestor) November 18, 2024
Additionally, Solana graciously grazing its previous all-time high at the start of the main run of the bull market suggests SOL price could skyrocket and hit $1900 by the end of this bull cycle.
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