Pundit Is Undeterred By The Solana Price Crash, Says Price Is Headed For $1,000
June 25 2024 - 4:00PM
NEWSBTC
The Solana bearish price action might be coming to a close, as many
cryptocurrencies have started to show mixed price action in the
past 24 hours. Dialing the price action further back shows Solana
has been mostly bearish and has been on a price decline since the
beginning 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. However, some proponents remain undeterred and are
still looking forward to a bullish Solana on the long run.
Particularly, an interesting prediction from crypto analyst Crypto
Patel puts the price of Solana rising to $1,000 in the long term.
Solana To $1000? Crypto Patel, mostly known for his Bitcoin takes,
recently dropped a brief analysis on social media platform X
regarding Solana’s price trajectory. According to his
Solana/TetherUS 1 week timeframe chart, Solana’s price formation on
the long-term seems to lead up to a surge towards $1,000. Notably,
the chart shows the formation of a giant cup and handle pattern,
which is generally considered a bullish pattern. Related Reading:
Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50%
Crash? Solana has been on a U-formation since 2022, with a recent
six-month surge since October 2023 completing the other side of the
U cup. However, the pattern shows a prevailing neck line resistance
around SOL’s current all-time high of $259, leading to the start of
the handle pattern. According to the technical analysis, this
handle pattern is expected to be completed sometime around late
2025. Following its completion, Solana will have the opportunity to
break through this neckline resistance at some point in 2026, which
would initiate a surge to new all-time highs. The first price
target is around $430, and the second is just above $1,000,
representing gains of 220% and 640%, respectively, from the current
price levels. As explained above, the analyst’s technical analysis
is more of a long-term outlook than on a short-term price
prediction. This serves more as a strategic roadmap for the next
few years. Related Reading: SkyBridge Capital’s Scaramucci
Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate
Wins It’s important to note that while Crypto Patel’s final SOL
price target might be ultra-bullish, the path to attaining it looks
very tough. Surprisingly, the analysis suggests that Solana could
fall to as low as $46 during the formation of the handle pattern, a
price that might not resonate well with Solana bulls. At the
time of writing, Solana is trading at $136 and is 9% in the past 24
hours as the bulls look to undo a month long price decline.
According to price history, investors can look forward to Solana
kickstarting a bullish price action in July. This is because Solana
has registered price increases in July for the past six
years. Featured image created with Dall.E, chart from
Tradingview.com
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