The Solana price has shed around 9% of its value this week and is now trading in the $142-143 range. This plunge shouldn’t worry SOL holders too much, considering the broader crypto market faced a downturn as well.

For example, Ethereum lost over 9% during the same period, while some major altcoins such as DOGE and XRP are experiencing double-digit plunges.

However, some popular analysts remain bullish on Solana, especially in the long term.

Trader “Daan” recently shared a viral Solana chart that’s caught the attention of many crypto enthusiasts. The daily chart for SOL/USDT on Binance reveals some interesting patterns and potential breakout scenarios.

One of the most notable features is the formation of higher lows, indicating a bullish structure despite the resistance at $160. This suggests that buyers are stepping in at increasingly higher prices, which is a positive sign of strength.

The chart identifies several key levels:

SOL has been consolidating below the $160 resistance, which could suggest accumulation. This tug-of-war between buyers and sellers often precedes a major move. The ascending trendline formed by the higher lows adds to the bullish outlook, as long as the SOL price stays above this line.

The reaction around $160 will be crucial. A break above this level could lead to a rapid move higher due to a potential short squeeze and increased demand from breakout traders. However, if the SOL price fails to breach $160 and reverses, the $115.93 weekly support could serve as a potential bounce zone.

Read also: Ripple Analyst Warns of Critical $0.45 Retest Before XRP’s Major Price Rally

Another analyst, “Curb,” presents a more optimistic long-term outlook for the Solana price based on macro chart patterns. The analysis focuses on a massive bullish pennant continuation pattern that has been forming over an extended period.

Key features of this chart include:

The pennant pattern suggests that after this long consolidation period, the price could break out upward and continue its prior bullish trend. The extended re-accumulation phase indicates that buyers have been gradually absorbing the supply, potentially building momentum for the next upward move.

Curb’s analysis points to several important price levels to watch:

The most striking aspect of this analysis is the long-term price projection. If the bullish pennant plays out as anticipated, Curb suggests that the Solana price could potentially reach the $800+ range in the next major bull cycle.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post Solana (SOL) Price Set to Explode? Two Charts Suggest a Potential Major Rally Ahead appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

141 +