Recently, a popular crypto trader and YouTuber has predicted a substantial surge in Solana price, forecasting it could reach as high as $360 soon.

This prediction is underpinned by a technical pattern on Solana’s chart—a bullish signal suggesting a potential reversal from bearish to bullish momentum.

Technical Insights Into SOL Potential $360 Rise

According to the trader, CryptoJack on X,  SOL has developed a “rounding bottom pattern” over an extended period, indicating it is on the brink of a significant breakout.

Notably, the ’rounding bottom’ pattern, characterized by a gradual decline followed by a stabilizing trend and an upward breakout, is a classic bullish indicator in technical analysis.

CryptoJack’s analysis points out that Solana is setting up for a significant uptick, aiming for a price target double its current value of approximately $146.

Solana formed a rounding bottom pattern over many weeks and is primed for an explosion any moment now.

I entered a Long position on $SOL and expect it to break ATHs this year! #Solana pic.twitter.com/ApUazaXXz5

— CryptoJack (@cryptojack) May 8, 2024

Not only does CryptoJack see a bright future for Solana, but other analysts, such as Altcoin Sherpa, also maintain a bullish stance, with projections of the token potentially surpassing $500 this year.

This would represent a 300% increase from its current level, adding to the 589% growth it has already achieved year-to-date.

Solana Challenges Ethereum

While Solana has shown notable growth, some of its key metrics are also beginning to keep up the pace. Dan Smith, a senior research analyst at Blockworks, suggests that Solana could soon surpass Ethereum regarding transaction fees and capture Maximal Extractable Value (MEV).

Smith’s analysis of X highlights that Solana’s total economic value is nearing Ethereum’s, indicating its increasing relevance in the blockchain space.

Solana will flip Ethereum in transaction fees + captured MEV this month, maybe even this week

— Dan Smith (@smyyguy) May 7, 2024

Despite this competition, Ethereum maintains a significant lead in daily transaction fees and total value locked (TVL). In the last 24 hours, Ethereum generated over $2.75 million in fees, compared to Solana’s $1.49 million.

Moreover, according to data from DeFillama, Ethereum’s TVL of over $53 billion dwarfs Solana’s $3.96 billion, representing just about 7.2% of Ethereum’s scale.

Meanwhile, Ethereum does not come close to Solana in terms of market performance. Solana has seen quite outstanding growth in the past year, surging by over 500%. On the other hand, Ethereum has only seen a 66% surge over the same period.

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Smart contracts platform Avalanche (AVAX) is generating excitement in the crypto community with a potential breakout signal. Prominent analyst World of Chart has identified a bullish technical pattern that could propel AVAX prices significantly higher in the coming days.

Falling Wedge Pattern Hints At Upside

World of Chart points to the presence of a “falling wedge” pattern on AVAX’s price chart. This pattern typically forms during a consolidation phase, with price action confined between two converging trendlines that slope downwards.

$Avax

Forming Falling Wedge Incase Of Breakout Expecting Upside Continuation Successful Breakout Can Lead Massive Rally In Coming Days#Crypto #Avax pic.twitter.com/YJHJYarrSw

— World Of Charts (@WorldOfCharts1) May 5, 2024

The key aspect of this pattern lies in the diminishing price range within the wedge, suggesting a buildup of buying pressure. A breakout from the upper trendline is often interpreted as a bullish signal, indicating a potential reversal of the downtrend and the start of a price surge.

Avalanche Poised For Takeoff?

AVAX might see a significant upswing if it is able to break above the upper trendline of the falling wedge, according to World of Chart.

Following the breakout, there may be a substantial price increase as a result of this ascent, which would confirm the bullish formation. The expert draws attention to the possibility of significant momentum and an explosive upward advance.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

The possibility of an AVAX breakout has ignited discussions and speculation among crypto investors and traders, particularly those who actively follow technical analysis.

Investor Caution Advised Despite Bullish Outlook

While the potential for a bullish breakout is high, World of Chart emphasizes the inherent volatility and uncertainty of the cryptocurrency market. External factors beyond technical analysis can significantly impact price movements.

Technical Indicators Paint A Positive Picture

Beyond the falling wedge pattern, other technical indicators seem to be adding weight to the bullish narrative for AVAX. The recent price increase of over 16% in a single week suggests a potential shift in investor sentiment.

Additionally, the impressive surge in trading volume signifies heightened market activity and growing investor interest in AVAX.

Source: Coingecko

Eyes On The Prize: Will Avalanche Deliver?

The coming days will be crucial, with all eyes glued to the price action and any signs of a breakout. A successful breakout could lead to significant gains for AVAX holders, while a failed breakout could dampen investor enthusiasm.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Dogecoin (DOGE), the Shiba Inu-faced darling of the 2021 memecoin frenzy, has found itself shivering in the current crypto winter. Once a symbol of retail investor exuberance, DOGE has plummeted over 70% from its sky-high peak, leaving its future shrouded in uncertainty.

DOGE Feels The Crypto Frost

While Bitcoin, the heavyweight champion of the crypto world, grabs headlines with its recent wobble, the impact on memecoins like DOGE has been brutal. Unlike Bitcoin’s divided analyst opinions, the sentiment surrounding DOGE is decidedly bearish.

At the time of writing, the memecoin was trading at $0.132, down 5.4% up the last 24 hours but sustained a 20% loss in the last seven days, data from Coingecko shows.

Dogecoin price action in the last 30 days. Source: Coingecko

Is DOGE A Canary In The Crypto Coal Mine?

Some analysts believe DOGE’s struggles are a canary in the coal mine for the entire crypto market. They said if even a historically high-flying memecoin like Dogecoin can’t hold onto gains, it raises serious concerns about risk appetite in the crypto space in general.

Dogecoin market cap currently at $18 billion. Chart: TradingView.com

Whales Accumulating DOGE: A Glimmer Of Hope?

However, a glimmer of hope flickers for the dethroned meme king. On-chain data suggests an increase in large wallet purchases of DOGE, hinting at potential accumulation by wealthy investors. This “contrarian” behavior could be a sign that some whales are using Coinglass or similar platforms to track Dogecoin derivatives and believe the coin is undervalued and ripe for a comeback.

Source: Coinglass

Coinglass, a popular cryptocurrency data provider, offers insights into factors that might be influencing the whales’ decisions. By analyzing metrics like open interest, funding rates, and liquidations on Coinglass, these investors might see an opportunity to buy DOGE at a discount.

Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch

In a similar development, Whale Alert, a well-known blockchain tracker, has reported that a DOGE whale arranged two large transactions in a single day. Some 150,000,000 Dogecoins were transferred in the first transaction, and an additional 76,316,694 DOGE were transferred in the second, for a total of almost 226 million DOGE. At the time, the meme cryptocurrency was worth around $40 million in fiat money.

🚨 150,000,000 #DOGE (21,281,922 USD) transferred from #Robinhood to unknown wallethttps://t.co/7U1CEfr2ZT

— Whale Alert (@whale_alert) April 29, 2024

Can Dogecoin Thaw The Crypto Winter?

The coming weeks will be critical for DOGE. The return of positive social media sentiment, coupled with continued accumulation by whales who might be strategically using Coinglass for market analysis, could be the spark that reignites the DOGE rally. However, if the broader market weakness persists, DOGE’s summer might be spent shivering in the doghouse.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.