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Solana-Based MYRO Next In Line For $1 Billion? Why A 200% Surge To $0.2 Is Possible

Solana-Based MYRO Next In Line For $1 Billion? Why A 200% Surge To $0.2 Is Possible

October 07, 2024

Crypto analyst CobraVanguard has suggested that the Solana-based meme coin MYRO could be the next to reach a $1 billion market cap. This follows his prediction that the meme coin could enjoy a 200% price surge from its current level.

Why MYRO Could Enjoy A 200% To $0.2

CobraVanguard mentioned in a TradingView post that the meme coin is forming a falling wedge on the daily timeframe. He claimed that MYRO could enjoy massive upside moves if it breaks out from its current resistance. The analyst added that he expects the price to go up to the Fibonacci line of 0.618, which is at $0.2.

Crypto analyst Ash Crypto has outlined several reasons why the Bitcoin price is poised to reach $100,000 by the end of the year. This price level is one that other market experts like Standard Chartered have predicted that the flagship crypto could hit even before year-end. Why The Bitcoin Price Can Reach $100,000 By Year-End Ash Crypto stated in an X post that the answer to whether Bitcoin will reach $100,000 in the fourth quarter of this year lies in the past halving cycles. He noted that BTC usually goes through a consolidation phase of around six months after each halving. In 2016, the flagship crypto is said to have witnessed 161 days of consolidation before a price breakout. Meanwhile, in 2020, Bitcoin recorded 175 days of consolidation before its price broke out. In line with this, Ash Crypto noted that the flagship crypto has consolidated for 161 days since the Halving event in April earlier this year. Therefore, the analyst claimed that there is a high probability that the Bitcoin price could witness a breakout in the next two to three weeks. He then went on to outline fundamentals that could spark this price breakout. Firstly, Ash Crypto stated that China is printing $280 billion to boost its economy. This is about the People Bank of China’s announcement of a stimulus package to help revive the country’s economy. China’s monetary easing policies have been bullish for Bitcoin, historically leading to price surges for the flagship crypto. Furthermore, the analyst noted that the US Federal Reserve has started cutting interest rates. The Fed announced a 50 basis points (bps) rate cut at its September FOMC meeting. There are also expectations that there could be another 50 bps rate cut before the year ends. This is also bullish for the Bitcoin price since more liquidity could flow into the flagship crypto with US investors having access to more capital. Another macro factor that the analyst cited is the fact that the Bank of Japan (BOJ) looks to have turned dovish and is, in the meantime, no longer considering rate hikes. The Bitcoin price crashed below $50,000 in the infamous August 5 crypto market following the BOJ’s decision to raise interest rates for the first time in 17 years. Therefore, the BOJ's decision not to hike rates further is positive for Bitcoin. Doing otherwise could revive the ghosts of the yen carry trade as Japanese investors liquidate their positions in risk assets like BTC. Other Factors That Could Spark The Rise To $100,000 Ash Crypto also listed other factors that could help the Bitcoin price reach $100,000. The analyst noted that Donald Trump is again leading in the opinion polls and looks likely to win the US presidential elections in November. A Trump victory is considered a win for Bitcoin and the broader crypto market because the former US President has declared his support for cryptocurrencies. The analyst also cited the Spot Bitcoin ETFs, which have started to accumulate again. The Bitcoin flow to exchange has also reached a very low level, which indicates that investors are choosing to hold for the long term, meaning less selling pressure. FTX customers are also expected to receive their repayments this quarter, which could cause more liquidity to flow into Bitcoin. Lastly, Russia plans to use cryptocurrencies like Bitcoin for cross-border payments starting in November, while the global money supply has reached new highs. Therefore, the Bitcoin price is currently bullish. Interestingly, Ash Crypto claimed that the crypto market has still not factored in all these bullish fundamentals. He stated that Bitcoin will reach a new all-time high (ATH) when that happens.

A rise to $0.2 means that the Solana meme coin could rise above a market cap of $200 million. Based on CobraVanguard’s prediction, MYRO will likely enjoy further moves to the upside, potentially placing a $1 billion market cap in sight. Crypto analyst SwallowPremium also provided a bullish outlook for the mem coin, stating that a breakout above the $0.2 level will lead to further moves to the upside.

It is worth mentioning that MYRO’s current all-time high (ATH) is at $0.4, a price level reached in March earlier this year. As such, a run up to its current ATH will likely be on the cards if the Solana meme coin reaches $0.2. A run to its current ATH will put it above a $400 million market cap, further strengthening the community’s belief that the coin could reach a $1 billion market cap.

The Price Breakout Will Soon Happen

Crypto analyst Yzzz also stated in an X post that the MYRO price breakout will soon happen. The analyst noted that if Bitcoin moves to the upside, the meme coin will surely “run hard.” He added that the chart has been primed for a while, seeing as it bottomed and the time-based capitulation has happened.

Meanwhile, Yzzz also cited that MYRO was already listed on Binance and Bybit for perpetuals trading. He noted that this is the Solana meme coin with the lowest market cap to achieve this feat. As such, he expects the coin to go higher, seeing how much attention it already has through the largest centralized exchanges (CEXs).

Interestingly, the crypto analyst boldly claimed that MYRO would soon outperform the foremost Solana meme coin, Dogwifhat (WIF). He revealed that both meme coins have traded closely for some time now. However, he expects that to change soon enough, with MYRO coming out on top. In line with this, he advised market participants to place their bets and believe in something.

At the time of writing, MYRO is trading at around $0.08, up over 15% in the last 24 hours, according to data from CoinMarketCap.