Solana (SOL) Poised for Parabolic Surge, Targeting $370 as Ethena Proposes Integration

Solana’s native token, SOL, appears poised for a significant price jump, with a potential target of $370, according to a massive Cup & Handle pattern

Solana’s native token, SOL, appears poised for a significant price jump, with a potential target of $370, according to a massive Cup & Handle pattern forming on the technical chart.

#Solana could go parabolic starting today! #Sol is breaking out of this MASSIVE Cup&Handle pattern with the potential target of $370 🎯 pic.twitter.com/qp31pbtJvS

In the 1-day chart shared by a market analyst, the altcoin forms a bullish Cup & Handle pattern, indicating a potential parabolic surge. Breaking above the upper boundary of this pattern could trigger a significant price rally for Solana, driving SOL to a $370 price target. Market analysts believe Solana bulls may see massive gains if this bullish momentum continues.

Bitcoin’s Impact on Solana’s Price

Another market observer, Dan John, highlights the influence of Bitcoin's (BTC) price on Solana's potential parabolic surge. If BTC rallies to $100,000, it could propel SOL to reach its predicted price targets. However, if BTC price action stalls or experiences a downturn, the anticipated parabolic surge for Solana might not occur in the immediate term.

Solana’s Growing Ecosystem and Ethena Integration Proposal

In other Solana-related news, the Ethena community has proposed integrating SOL into their USDe backing strategy. This move would add SOL to Ethena's hedging assets, which currently only include BTC and ETH, highlighting the growing ecosystem around Solana. The process will begin gradually due to SOL's shorter trading history compared to BTC and ETH.

This proposal underscores the increasing confidence in Solana's market potential. Currently, open interest in Solana across major exchanges stands at $2 billion, making the token a compelling investment option.

Traders and investors are keeping a close eye on Solana's price action, as technical indicators suggest a promising bullish move that could push prices to new highs. However, it's crucial to proceed with caution and consider a range of factors when making investment decisions.

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