A crypto analyst has predicted that Solana (SOL) is ready to rally by 1,000% this bullish cycle. In response to his evaluation, SOL is preparing for a mega surge to latest all time highs of $1,800.
Solana Sets Sight On $1,800 Price Increase
In a recent X (formerly Twitter) post, Ali Martinez, a outstanding cryptocurrency analyst, expressed bullish sentiment regarding Solana’s future price outlook. In response to Martinez, Solana is poised for a big price surge, potentially reaching a formidable $1,000, marking latest all-time highs.
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The crypto analyst’s optimistic forecast for Solana is rooted within the cryptocurrency’s recent price movements. Sharing a price chart illustrating SOL’s price motion from late 2023 to the tip of 2024, Martinez predicted a maximum bullish surge to $1,800 for the altcoin.
Source: X
The analyst also based his bullish projections on early signs of an identified technical bull pennant pattern in Solana’s price chart. A bull pennant is a continuation pattern that always signals the extension of continuation of an upward trend after a period of consolidation. For Solana, this unique pattern suggests that SOL could also be gearing up for a substantial bullish breakout this 12 months.
In accordance together with his evaluation, Martinez foresees Solana experiencing a whopping 900% rally by the tip of 2024. This price surge would signal a major milestone for the cryptocurrency, considering Solana has only been capable of rise as high as $259.96 in 2021.
While Martinez has maintained a bullish stance on Solana’s price outlook, the analyst also cautioned that his projected surge is not going to occur immediately. He disclosed that the flagpole for the bull pennant pattern took about 184 days to form, during which Solana climbed from an initial price of $11 to $192.
Given this gradual price progression, Martinez revealed that there will likely be multiple corrections or temporary price dips for SOL along its path to its $1,000 price goal. One in all the said corrections is predicted on the breakout point of $167, suggesting that Solana may drop to this level before it may possibly reach latest highs. After this slight correction, SOL is predicted to proceed on a bullish upward trajectory, potentially reaching $1,000 in due time.
SOL Price Evaluation
Solana has been on a bullish trend over the past month, steadily approaching the $200 price mark. The cryptocurrency has witnessed substantial gains, recording a rise of roughly 14.71% within the last seven days, based on CoinMarketCap.
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On the time of writing, SOL price is trading at $177.56, underscoring the cryptocurrency’s strong fundamentals amidst market volatility. In a more moderen X post, Martinez disclosed that Solana’s TD sequential is now presenting a buy signal on the hourly chart. In response to the indicator, this means that it is perhaps an excellent time to buy Solana, as the value is predicted to extend soon.
SOL price still holding $170 | Source: SOLUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com