Bitrabo Editorial
In recent weeks, the price of Solana has made significant gains, crossing $170 and finishing a positive seven-day period. An influential crypto analyst on the X platform suggests that the altcoin might be gearing up for a much larger movement.
Analysis Suggests a 900% Price Increase for SOL
Crypto analyst Ali Martinez shared an intriguing insight on Solana’s price future, indicating a possible substantial upward trend in the coming months. The analysis is based on the observation of a bull pennant formation on the coin’s weekly chart.
A bull pennant is a technical pattern that resembles a flag on a pole and signifies a continuation pattern in price movement. Typically, it features a vertical price surge (first flagpole) followed by a consolidation phase with converging trend lines (the pennant).
Breakouts from the bull pennant often mirror the length of the initial flagpole and indicate the potential direction and magnitude of future price movement for the cryptocurrency.
As per the analysis, Solana’s price appears poised for a breakout after being in a consolidation phase since March. The progress from under $20 to around $200 from late 2023 to early 2024 is evident.
Early signs of a breakout from the bull pennant suggest a potential 900% surge in the Solana price, expected to surpass $1000 between mid-July and early 2025.
Overview of Solana Price
Currently, Solana is trading around $173, reflecting a nearly 3% rise in the last 24 hours and an impressive 22% increase in the past week. Over the past month, the SOL price has surged by more than 30% with a market capitalization exceeding $80.8 billion, making it the fifth-largest cryptocurrency in the market.