The Solana bearish price motion could be coming to a detailed, as many cryptocurrencies have began to show mixed price motion previously 24 hours. Dialing the worth motion further back shows Solana has been mostly bearish and has been on a price decline because the starting of the month. Notably, the crypto recently reached a 30-day low of $123.96, representing a 29% decline from a monthly high of $174.65. Nevertheless, some proponents remain undeterred and are still looking forward to a bullish Solana on the long term. Particularly, an interesting prediction from crypto analyst Crypto Patel puts the worth of Solana rising to $1,000 in the long run.
Solana To $1000?
Crypto Patel, mostly known for his Bitcoin takes, recently dropped a temporary evaluation on social media platform X regarding Solana’s price trajectory. In keeping with his Solana/TetherUS 1 week timeframe chart, Solana’s price formation on the long-term seems to steer as much as a surge towards $1,000. Notably, the chart shows the formation of a large cup and handle pattern, which is mostly considered a bullish pattern.
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Solana has been on a U-formation since 2022, with a recent six-month surge since October 2023 completing the opposite side of the U cup. Nevertheless, the pattern shows a prevailing neck line resistance around SOL’s current all-time high of $259, resulting in the beginning of the handle pattern.
Source: X
In keeping with the technical evaluation, this handle pattern is predicted to be accomplished sometime around late 2025. Following its completion, Solana may have the chance to interrupt through this neckline resistance sooner or later in 2026, which might initiate a surge to latest all-time highs. The primary price goal is around $430, and the second is just above $1,000, representing gains of 220% and 640%, respectively, from the present price levels.
As explained above, the analyst’s technical evaluation is more of a long-term outlook than on a short-term price prediction. This serves more as a strategic roadmap for the following few years.
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It’s vital to notice that while Crypto Patel’s final SOL price goal could be ultra-bullish, the trail to attaining it looks very tough. Surprisingly, the evaluation suggests that Solana could fall to as little as $46 in the course of the formation of the handle pattern, a price which may not resonate well with Solana bulls.
On the time of writing, Solana is trading at $136 and is 9% previously 24 hours because the bulls look to undo a month long price decline. In keeping with price history, investors can sit up for Solana kickstarting a bullish price motion in July. It is because Solana has registered price increases in July for the past six years.
SOL price above $135 again | SourcE: SOLUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com