Crypto analyst predicts Solana price rise to $5,000

Crypto analyst InvestingScope predicts that Solana (SOL) could potentially explode to $5,000 due to an upcoming parabolic breakout. If the prediction comes true, Solana could experience a spectacular rise of more than 3,200%.

Parabolic breakout in sight

According to InvestingScope, the SOL/USD chart on the weekly timeline is showing signs of a parabolic breakout. If this pattern continues, Solana could see a massive 3,209% increase, which would take the price to $5,000, according to the analyst.

The analyst compares this pattern to a previous “Channel Up” formation observed in December 2020. At the time, a breakout from this pattern led to an impressive 40,668% increase, from $1.56 to an all-time high of $260 in November 2021.

On Wednesday, InvestingScope noted that Solana’s current chart shows strong similarities to 2020’s, leading him to his bold prediction.

Bullish signals on the Solana chart

The analyst points out several bullish signals on Solana’s daily chart. The Relative Strength Index (RSI) is at 58.7, the moving average convergence divergence (MACD) is at 1.5, and the average directional index (ADX) is at 25.2, all of which indicate a positive trend.

However, on the weekly timeline, Solana remains neutral, with an RSI of 51.9, a MACD of 6.16, and an ADX of 25.2. According to InvestingScope, a bullish shift in these indicators could further confirm the predicted price increase.

Fundamental catalysts are important

While Solana technically appears poised for an exponential rise, InvestingScope emphasizes that fundamental catalysts are key to achieving this price increase. He suggests that the adoption of the Solana network and other positive developments will be crucial in pushing the price to $5,000.

The recent Breakpoint conference created a wave of positive sentiment around Solana. For example, Solana announced a possible collaboration with asset manager Franklin Templeton to launch an investment fund on the network. In addition, Solana Mobile presented the second version of its Web3 mobile device, the Solana Seeker, and Solana partnered with Google Cloud to introduce GameShift.