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Solana Soars Over 533% This Year… What’s Next?

Solana SOARS over 533% this year ... What's Next?
Solana SOARS over 533% this year ... What's Next?

In a recent episode of Cheeky Crypto, Nick welcomes viewers back and dives into a walk-and-talk discussion about Solana’s (SOL) impressive performance. With a staggering 533% surge in value year-to-date, Solana has captured the attention of crypto enthusiasts and investors alike.

Nick’s technical analysis video earlier this year indicated a positive outlook for Solana, and recent price movements suggest that this bullish trend may continue. Smaller time frames reveal structures that hint at significant growth potential, aligning with Elliot Wave Theory’s trend-based five-wave structures. However, Nick cautions viewers about the possibility of a pullback before further upward movement.

While Solana’s performance has been remarkable, Nick highlights potential concerns surrounding its future. Venture capitalists, institutional investors, and billionaires hold significant stakes in Solana, and their actions could significantly impact the token’s price. In 2021, Nick made the decision to sell his Solana holdings at $189 due to concerns about potential market dumping by these influential figures.

The liquidation process of FTX, a major cryptocurrency exchange that held a substantial amount of Solana, could lead to decentralization but also pose challenges with token accessibility until 2025-2027.

Despite these concerns, Nick remains confident in Solana’s current pattern and structure. He predicts significant price appreciation, with a potential target of $2,000 per SOL token. However, he emphasizes the importance of remaining mindful of potential future market dynamics and exercising caution, especially in the long term.

Nick concludes the episode by inviting viewers to share their thoughts in the comments section and provide their price predictions for Solana. He encourages likes, subscriptions, and invites viewers to join the Cheeky Crypto Discord community.

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