Solana to enter 60% bull rally ahead of Breakpoint conference
- Solana recently concluded its highest output hackathon ever with over 500 project submissions.
- Solana's total value locked has climbed up nearly 6 times over the past three months, analysts note further room for a price rally.
- Allbridge, a DeFi protocol is bringing Avalanche-USDC trading pair to Orca, one of Solana's largest decentralized exchanges.
- Analysts predict a second bull run in SOL, set a target above $320.
Solana’s Breakpoint conference is scheduled for November 7, 2021. Ahead of the event, analysts predict a rally in SOL price.
Solana price gathers steam ahead of Breakpoint conference
Solana’s Ignition ended with participation from nearly 500 projects and the layer-1 blockchain is preparing for its next event. In Ignition, the blockchain protocol offered winning projects over $5 million in global prizes and seed funding.
Through the Breakpoint conference, Solana aims to bring speakers and experts together to discuss the next steps in the ecosystem’s roadmap and future plans for SOL.
1/ IGNITION was #Solana’s highest output hackathon yet, producing 500+ project submissions from teams around the globe.
— Solana (@solana) October 29, 2021
Congrats to the winners! https://t.co/vN3cM7KkdA
The layer-1 blockchain’s Total Value Locked(TVL), considered equivalent to market capitalization, consistently climbed over the past three months and hit a high of $12.69 billion according to data from DeFiLlama.
Solana price has not increased in proportion to the rise in its TVL. Analysts have argued that there is room for vertical growth in SOL price.
Pseudonymous cryptocurrency analyst @ByzGeneral believes that Solana is primed to hit a new all-time high as open interest remains low. Historically, relatively low open interest is ideal for vertical growth in asset price.
$SOL looks very healthy to me.
— ₿yzantinΞ General (@ByzGeneral) October 31, 2021
Higher prices, but less OI.
Still on its path to a new ATH I think.
Just needs a bit more ranging.
Trade it on PrimeXBT:https://t.co/AMalQQLgqd pic.twitter.com/13NIaOMWdM
Ethereum Triple Halving narrative author Nikhil Shamapant believes that there will be zero-knowledge rollup (zkr) implementations on Solana.
A zero-knowledge rollup is a Layer 2 blockchain solution that boosts the speed and effectiveness of the underlying blockchain. The launch of zkr on Solana would mark the beginning of a layer-2 ecosystem focused on building on Solana, a shift from the “Ethereum-first” approach.
On the other hand, in their position - it makes sense to build it because that's what an aggressive competitor would do. $ETH heads might be salty, but @KyleSamani is probably right that we will see zkr implementations on $SOL and soon. The question for debate is does it matter
— Squish (@SquishChaos) October 31, 2021
Pseudonymous cryptocurrency analyst @AltcoinSherpa is bullish on Solana but does not expect SOL to outperform BTC. The analyst is currently accumulating before the SOL price breakout.
$SOL: I still think its unlikely that thing outperforms BTC for the next few weeks. Potential lower high printed now. Im not sure if I'll get a higher sell in- I'm still in 50% of my position but will accumulate more SOL when this pair hopefully goes down. #Solana pic.twitter.com/iLpO6j9wxx
— Altcoin Sherpa (@AltcoinSherpa) October 31, 2021
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
