Solana continues to show positive price action This recent surge in value allowed Solana to overtake Binance Coin (BNB) in the market cap rankings last week, marking a significant achievement for the digital asset.
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delve into its performance, Technical Analysis Forecasts suggest that the Solana bullish trend is likely to continue into next week. Indicators point to sustained momentum, which could see its price continue to rise. Captain Vibek stands out with a particularly bold prediction. The crypto analyst has predicted a massive surge for Solana, predicting that its price could rise to $1,000.
Solana on the rise
A technical analysis published on the social media platform X by the famous crypto analyst Captain Vibek drew attention to a significant development in Solana’s price. According to his analysis, the recent price action caused Solana to break out of the bullish pennant formation on the weekly timeframe. Bullish pennant patterns usually appear after an uptrend and indicate the continuation of the uptrend after a period of consolidation.
For Solana, the formation of this pattern began with a strong price surge that began in August of last year, peaking at a level above $200 in April. After this peak, Solana entered a consolidation phase characterized by a gradual rise in lower lows and lower highs, until it eventually reached a low of $127.
Solana is seeing renewed bullish sentiment, suggesting that the consolidation phase may be over. The cryptocurrency recently surged above $185 again, confirming the bullish breakout identified by Captain Vibek.
Sol Bullish pennant breakout confirmed on weekly time frame..✅
Huge bull run coming..⌛️📈🚀#cryptocurrencies #Soul #Solana pic.twitter.com/9IT2o4Yafs
— Captain Faibik (@CryptoFaibik) July 27, 2024
What’s next for Solana?
At the time of writing, Solana is trading at $184, representing a 7% increase over the past seven days. Captain Faibik suggested that this breakout could lead to an extended rally for Solana, setting a price target of $1,000. This represents a 446% increase from the current price level. While this may seem ambitious, other cryptocurrency analysts They made similar predictions. middle bullish sentimentSOL will have to break through different price levels and head towards a new all-time high to reach this price point.
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In addition to its price performance, Solana has seen a significant increase in activity since the beginning of July. The number of daily active addresses has surged, reaching an all-time high. At the time of writing, the number of daily active SOL addresses has surpassed 2 million, a 38% increase from the 1.45 million active addresses recorded on July 10. This surge in user activity demonstrates the growing interest and trust in Solana within the crypto community.
Featured image by Pexels, chart by TradingView