Solana has seen many ups and downs in the last week, with price fluctuations like never before. The price of SOL even dipped as low as $135 on July 12th, but just like all the times it had dropped before, SOL has risen up again, showing us that it still has a lot of soul.
After the surprising $135 drop, Solana picked up again on the 14th of July, standing strong at a peak of over $150 by the next day as it overcame resistance walls. All of these new developments have caused analysts and experts to be very optimistic that this could be the year of Solana.
Perhaps none is more optimistic about the future of Solana than Daniel Cheung, co-founder of the hedge fund Syncracy Capital. Cheung believes that the way SOL is moving seems a little too familiar. He mentioned that SOL is exhibiting similar fractal patterns to what we saw in Q3 2021, and if all goes well, we could be looking at a big boom for the price of SOL.
In the 2021 Q3, SOL’s price started from a mere $27 valuation in July, but come November 2021, SOL was trading at its all-time high (ATH) of $259. So, technically speaking, if SOL can pull another November 2021, we could be looking at an unbelievable price for the coin.
Cheung also saw some similarities in Q4, which was another excellent turning point for the price of SOL. If history could only repeat itself, right? However, the past aside, Daniel Cheung also identified some other positive indicators that point to a promising future for SOL.
The first is that Solana has been and will continue to be a bolstering hub for on-chain activity throughout the rest of the market cycle due to its accessibility to retail investors. This makes it an attractive asset and attractive assets tend to have attractive futures.
$SOL closed the week bullish — things are starting to look exciting again.
— Daniel Cheung (@HighCoinviction) July 15, 2024
My gut tells me we are playing on a similar fractal to Q3’21 with shades of Q4’20 — in both cases the most explosive returns were just around the corner.
Solana will continue to be the home of onchain… pic.twitter.com/l9jDN3GIV3
Another big player in Solana's future is the potential introduction of an exchange-traded fund (ETF). Bitcoin has already had its ETF approved and has benefitted from it. So, if Solana also gets ETFs, it might do more than a thing or two for SOL’s price.
Anyone who follows Donald J. Trump’s campaign also knows how big of a crypto fan the man is. In that case, the re-election of the self-acclaimed “crypto president” would mean good tidings for cryptocurrencies, Solana included. So, Trump may or may not have a hand in Solana’s future.
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Despite not possessing any apparent prophetic powers, Cheung seems to be sure that SOL will soar soon and the Solana ecosystem can “likely” reach up to 50% of Ethereum’s market cap this cycle. It’s a big claim, but “never say never," right? We’ll be on the lookout, though, waiting and watching to see whether Daniel Cheung has some secret prophetic abilities.
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