Davinci Jeremie, one of the early Bitcoin investors has flipped bullish on Solana price, predicting that SOL could surge 20x. This bullish forecast comes amid significant growth of the Solana blockchain, as the DeFi Total Value Locked (TVL) approaches a three-year high.
Early Bitcoin Investor Predicts 20x Rally for Solana Price
Jeremie is one of the top market analysts famed for correctly predicting a Bitcoin price rally during BTC’s early years. In 2011, Jeremie urged traders to buy Bitcoin at only $1 saying tryst it had much potential to rally.
The analyst has now shifted his attention to Solana, saying that the altcoin could potentially surge by 20x. Jeremie further noted that US President Donald Trump would be the key to this price rally. He stated,
“Meme coins are going to be exploding on Solana because Trump made so much money on it. So why couldn’t any corporation or any famous person do the same thing.”
Jeremie’s Solana price prediction highlights that meme coin activity will be the catalyst for SOL’s price rally. If this happens, Solana price could post an over 20x rally and surpass $1,000.
Despite the bullish forecast, meme coin activity on the Solana blockchain has dropped significantly. Efforts by PumpFun to boost usage have not been successful, with the total market cap for SOL-based meme coins plunging to $6 billion.
Solana DeFi Activity Surges
Besides meme coins, the other factor that could trigger a Solana price rally is DeFi activity. Data from DeFiLlama shows that the SOL DeFi Total Value Locked (TVL) has risen to $56M, which is the highest level in nearly three years.
The surge in TVL shows that there is a high amount of SOL tokens that are now locked on the Solana blockchain. This supports a bullish outlook and might also support a significant price rally for the altcoin.
Solana Technical Analysis
Solana price today trades at $118 with a 2% gain in 24 hours. The four-hour Solana price chart shows mixed sentiment. SOL fluctuates within a descending parallel channel. This shows that the bearish momentum is strong, which might cause SOL to edge lower.
At the same time, the RSI is tipping south and has dropped to 44. This shows that selling activity remains strong, which might hamper SOL’s ability to rally.
However, the AO bars hint towards a trend reversal. This metric is rising, which might drive a surge in buying pressure. If the histogram bars flip positive, it will support a bullish thesis for Solana price.
To sum up, Solana price seems poised to make an uptrend. Early Bitcoin investor Jeremie predicts that SOL can rally 20x due to meme coin activity. However, the 4-hour price chart shows the prevalence of bearish trends.
The post Early Bitcoin Investor Predicts 20x Solana Price Rally appeared first on CoinGape.
