Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When
July 23 2024 - 9:30AM
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A crypto analyst has predicted that Solana (SOL) is set to rally by
1,000% this bullish cycle. According to his analysis, SOL is
preparing for a mega surge to new all time highs of $1,800. Solana
Sets Sight On $1,800 Price Increase In a recent X (formerly
Twitter) post, Ali Martinez, a prominent cryptocurrency analyst,
expressed bullish sentiment regarding Solana’s future price
outlook. According to Martinez, Solana is poised for a significant
price surge, potentially reaching an impressive $1,000, marking new
all-time highs. Related Reading: Here’s Why The Bitcoin Price
Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It The
crypto analyst’s optimistic forecast for Solana is rooted in the
cryptocurrency’s recent price movements. Sharing a price chart
illustrating SOL’s price action from late 2023 to the end of 2024,
Martinez predicted a maximum bullish surge to $1,800 for the
altcoin. 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
often signals the extension of continuation of an upward trend
after a period of consolidation. For Solana, this unique pattern
suggests that SOL may be gearing up for a substantial bullish
breakout this year. In accordance with his analysis, Martinez
foresees Solana experiencing a whopping 900% rally by the end of
2024. This price surge would signal a major milestone for the
cryptocurrency, considering Solana has only been able to 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 will not happen instantly. 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 be multiple corrections or
temporary price dips for SOL along its path to its $1,000 price
target. One of the said corrections is expected at the breakout
point of $167, suggesting that Solana may drop to this level before
it can reach new highs. After this slight correction, SOL is
expected to continue on a bullish upward trajectory, potentially
reaching $1,000 in due time. SOL Price Analysis Solana has
been on a bullish trend over the past month, steadily approaching
the $200 price mark. The cryptocurrency has witnessed substantial
gains, recording an increase of approximately 14.71% in the last
seven days, according to CoinMarketCap. Related Reading: Will
Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why
$90,000 Is Possible At the time of writing, SOL price is trading at
$177.56, underscoring the cryptocurrency’s strong fundamentals
amidst market volatility. In a more recent X post, Martinez
disclosed that Solana’s TD sequential is now presenting a buy
signal on the hourly chart. According to the indicator, this
suggests that it might be a good time to purchase Solana, as the
price is expected to increase soon. Featured image created
with Dall.E, chart from Tradingview.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024