Solana has undoubtedly been one of the winners of this cycle after rising over 1000% in a year. What’s more, the rise has been accelerated by the many viral meme coins on the Solana blockchain that have reached market caps in the billions of dollars over the past year. While the SOL price has suffered from the nationwide crash that rocked cryptocurrencies in June, its bullish momentum has not been shaken as predictions continue to pour in that the SOL price is expected to break its all-time high from 2021.

Solana ready to move up

A pseudonymous cryptocurrency analyst who goes by the pseudonym “NoLimit” on TradingView, presented bullish scenario for Solana price. This bullish sentiment stems from a series of events both on the SOL chart and in the general cryptocurrency market.

The cryptocurrency analyst explains that a massive cup-and-handle pattern is forming on the chart for Solana’s price. This pattern is significant because it is historically bullish and appeared in 2021 when Solana’s price reached its current all-time high above $250.

In addition, the crypto analyst also points to a Fibonacci extension that suggests the price of SOL is heading towards a recent all-time high. This extension indicates a rise of SOL to $550 and even $840, which would be a 450% move from its current value.

As for the overall market bullishness, the crypto analyst points to Ethereum Spot ETFs as another reason why Solana’s price is heading towards a recent all-time high. The expectation that Ethereum Spot ETFs will soon start trading has already started to drive the price, with analysts predicting that this will push the ETH price to $5,000.

SOL sees growing buying pressure

The Solana cryptocurrency itself has been doing quite well so far. According to data from on-chain token tracking site Coinmarketcap, SOL’s daily trading volume has increased by over 13% over the past day, taking its trading volume to over $2 billion.

Given that the price has been rising over the past day, this suggests that Solana price is experiencing buying pressure, which is bullish for the coin in the long term. Now, if this buying pressure continues, the altcoin could soon reach a recent all-time high.

Currently, SOL price is trending slightly above $151, enjoying a 4.59% augment over the past day. On the weekly and monthly charts, the price is up 7.22% and 5.08% respectively.

Featured image created with Dall.E, chart from Tradingview.com