Solana’s price has been on a spectacular rise in recent weeks, returning to over $170 to close out a positive seven-day period for the market. Interestingly, the altcoin looks set for an even bigger move, according to a popular crypto analyst on the X platform.
SOL Price Could Soar 900% – Here’s How
Prominent cryptocurrency analyst Ali Martinez has moved to the X platform to… Involved Interesting analysis of Solana price and its future trajectory. According to a cryptocurrency expert, the token’s price could be on its way to a major upward movement over the next few months.
This bullish prediction is based on Solana price action and the formation of a bullish flag on the cryptocurrency’s weekly chart. bull necklace It is a technical analysis pattern and a type of continuation pattern that looks like a flag on a bar.
Similar to the bull flag, the bull flag features a vertical price movement (known as the first flagpole) followed by a period of consolidation with converging trend lines (known as the pennant). The consolidation period is usually followed by a breakout movement – usually in the same direction as the initial movement (known as the second flagpole).
In this chart formation, the breakout move from the flag is perhaps the most important, as it usually reflects the length of the initial flag column. It also represents the potential direction and magnitude of the price movement of the cryptocurrency being analyzed.
A Solana weekly chart showing the formation of a bull pennant | Source: Ali_charts/X
As shown in the chart, Solana price appears to be on the verge of a breakout, having been in a consolidation range since March. This was preceded by a vertical move from below $20 to around $200 between late 2023 and early 2024.
Martinez emphasized that early signs of the coin emerging from the slump point to a potential 900% surge in the near future. From the chart, it is worth noting that the timeline for this significant price move for Solana to over $1,000 falls between mid-July and early 2025.
Solana Price Overview
At the time of writing, Solana is trading at around $173, reflecting a nearly 3% increase in the last 24 hours. The altcoin is performing even better on the weekly timeframe, with a staggering 22% price increase in the last seven days.
According to CoinGecko data, SOL’s price has surged by more than 30% in the past month. With a market cap of over $80.8 billion, Solana is the fifth-largest cryptocurrency in the digital asset space.
Solana price approaches $180 mark on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image by Pexels, chart by TradingView