Solana to Go Parabolic? Here’s Why SOL Can Explode by 1,100%

SOL has followed the green wave sweeping through the broader cryptocurrency market, surging 6% in the past 24 hours to $105. Many analysts believe the asset’s rally might be just starting, with one envisioning a potential explosion to as high as $1,300. Parabolic Jump on the Way?

Earlier this week, the landmark crypto bill known as the CLARITY Act failed in the US Senate and could not advance to formal discussion. The development caused a brief correction for the crypto sector, with Ali Martinez noting that SOL plunged from $101 to around $95.60.

However, he argued the asset found solid support despite the pullback and outlined several bullish factors. First, he pointed to strong institutional demand, with spot SOL ETFs recording several consecutive green weeks and attracting over $200 million in the past month alone.

Martinez also mentioned that 3 million tokens were withdrawn from exchanges in the last 30 days and that network growth remains “elevated.” Shortly after, the analyst opined that a breakout is near, spotting a potential bull flag forming on SOL’s 4-hour chart.