The Solana (SOL) Price Surge: Approaching Yearly High
The price of Solana (SOL) has been rapidly increasing since October 13 and is now nearing its yearly high. It has also broken out from an inverse head and shoulders pattern, signaling further upward momentum. But how long will this climb continue?
Analysts Show Bullish Sentiment on Solana
Cryptocurrency analysts are overwhelmingly bullish on Solana. Tradermayne believes that the price could reach $40, but this prediction is contingent upon a bullish weekly candle close. Rager and DaanCrypto also emphasize the significance of the $38 horizontal resistance area, which coincides with the yearly high and has served as both support and resistance throughout 2021.
Furthermore, CryptoGodJohn predicts that the SOL price could eventually reach $250 in the long term and potentially even $450 if it reaches Ethereum’s market cap.
Solana Price Forecast: Will a New Yearly High be Reached?
On the daily time frame, SOL has been trading within an inverse head and shoulders pattern since February. This pattern is considered bullish and often leads to breakouts. Currently, SOL is in the process of breaking out from the pattern’s neckline, with a daily close above $26 confirming the breakout.
If the breakout is confirmed, Solana could experience a 50% increase from its current price, reaching $38, which would mark a new yearly high since November 2022.
However, if the daily close falls below the pattern’s neckline, it would invalidate the breakout and potentially lead to a 33% drop to the right shoulder support at $18.
Hot Take: Solana’s Impressive Rally Continues
The SOL price surge has been remarkable, with the cryptocurrency approaching its yearly high. Analysts are optimistic about its future performance, predicting further upward movement. However, it remains crucial for SOL to maintain bullish momentum and confirm the breakout from its inverse head and shoulders pattern. If successful, Solana could reach new heights and potentially challenge Ethereum’s market cap in the long term.
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