Amid a Bull Flag Retest, Solana’s $450 Price Target Comes into Play

With Solana recently hitting an all-time high (ATH) of $293.31, bulls have been in overdrive mode in the SOL network. 

As a result, renowned market analyst Javon Marks believes that having made a bull flag retest, Solana is on its way to the $450 price level.

Source: Javon Marks

A bull flag retest is deemed a bullish continuation signal since a breakout from the flag pattern happens in the same direction as the prior uptrend.

At press time, Solana was hovering around the $263 price level, having recorded a year-to-date increase of 189.6%, according to CoinGecko data.

What is Making Solana Tick?

Given that Solana is crafting a name as one of the blockchains offering decentralized finance (DeFi) solutions, the fifth-largest cryptocurrency based on market cap has been witnessing soaring demand.

Furthermore, Solana intends to boost scalability by incorporating a proof-of-history (PoH) consensus into the underlying proof-of-stake (PoS) framework.

With Donald Trump recently taking the helm of the U.S. presidency, Solana’s total value locked (TVL) has been going through the roof to the extent of elbowing Ethereum (ETH) after breaching the $12 billion mark.

This can be attributed to the rolling out of Donald Trump’s official meme coin, TRUMP, on the Solana network.

This frenzy has seen Solana validators bag at least 100,000 SOL in fees worth approximately $25 million, thanks to increased trading of MELANIA and TRUMP tokens.

With President Trump already spelling out a pro-crypto stance, bullish momentum has been engulfing the crypto market, with Solana being one of the major beneficiaries.

The others include Bitcoin since the apex cryptocurrency recently hit an All-Time High of $109,114.