Solana Downward price movement It may be coming to an end, as many cryptocurrencies began Show mixed price action In the last 24 hours. Looking back at the price action shows that Solana has been mostly bearish and has been on a decline in price since the beginning of the month. It is worth noting that encryption Recently arrived The 30-day low is $123.96, which represents a 29% decline from the monthly high of $174.65. However, some supporters remain undeterred and still eye a long-term rookie Solana. In particular, an interesting prediction from cryptocurrency analyst Crypto Patel predicts that Solana’s price will rise to $1,000 in the long term.
Solana to $1000?
Crypto Patel, who is mostly known for his Bitcoin dealings, recently dropped a brief analysis on social media platform X regarding Solana’s price trajectory. According to the 1-week Solana/TetherUS time frame chart, the long-term Solana price formation appears to be leading to a rise towards $1,000. It is worth noting that the chart shows the formation of a giant cup and handle pattern, which is generally considered a bullish pattern.
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Solana has been in a U formation since 2022, with a recent six-month surge since October 2023 to complete the other side of the U Cup. However, the pattern is showing prevailing neckline resistance around the current all-time high for SOL at $259, leading to a start Handle style.
According to technical analysis, this handle pattern is expected to complete sometime in late 2025. After its completion, Solana will have the opportunity to break through this neckline resistance sometime in 2026, which will start a rally to new all-time highs. Elevations. The first price target is around $430, and the second is just above $1,000, representing gains of 220% and 640%, respectively, from current price levels.
As explained above, the analyst’s technical analysis is more of a long-term forecast than a short-term price forecast. This serves as a strategic roadmap for the next few years.
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It is important to note that although Crypto Patel’s ultimate SOL price target may be very bullish, the path to achieving it looks very difficult. Surprisingly, the analysis suggests that Solana may fall as low as $46 while forming a handle pattern, a price that may not resonate well with Solana bulls.
At the time of writing, Solana is trading at $136 and 9% over the past 24 hours as bulls look to pull back from a month-long price decline. Based on the price history, investors can look forward to Solana initiating an upward price movement in July. That’s because Solana did it Recorded price increases in July for the past six years.
Featured image created with Dall.E, chart from Tradingview.com
