Solana has recently captured the attention of market participants with Significant rise to $175The move has stunned investors and analysts alike. Solana is currently up 40% from its low of $123 earlier this month. The cryptocurrency’s strong bullish momentum has sparked optimism among traders and investors, who are now eagerly anticipating a potential breakout above $200 next week.
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Traders also noticed a bullish flag forming on the SOL price chart, which confirms the $200 price prediction for SOL. This pattern is usually seen as a continuation signal, indicating that the current uptrend is on track. May continue Next week.
Speculations Grow That SOL Will Surpass $200
According to data from Santiment, Solana has seen an impressive surge, gaining 33% since July 4. Interestingly, the on-chain tracker noted that despite this significant price increase, there is still A lot of negativity This continued skepticism has created a fear of missing out among most investors, which in turn has fueled Solana’s bullish momentum. The price rally means that Solana followers, who have held on despite the prolonged decline over the past month, have been rewarded handsomely for their patience.
📈 Solana followers have been rewarded for their patience as the price has surged +33% since July 4th. The rally is fueled by the masses’ skepticism towards SOL. Until FOMO replaces FUD, $200 SOL could be reached very soon. pic.twitter.com/hLpf8qZVqb
— Santiment (@santimentfeed) July 19, 2024
Analysts at Santiment are bullish on Solana’s future, expecting the current price rally to continue and possibly push Solana past $200 again. At the time of writing, Solana is trading at $171, meaning it would need an additional 17% increase to reach the projected $200 level.
“Until FOMO replaces FUD, $200 SOL could be reached very soon,” Santiment said.
This continued growth expectation is based on recent market trends and the overall bullish sentiment that has been building around Solana. Investors and traders are closely watching to see if Solana can maintain its momentum and reach the $200 target.
Technical Analysis of SOL
The technical analysis of SOL price also indicates a bullish breakout above $200. According to crypto analyst CryptoBusy, Solana is now forming a pennant formation on the daily candlestick chart. The chart reveals that since March 2024, Solana has shown a pattern of lower highs and higher lows, which has led to narrowing ranges and narrowing price corrections.
This consolidation phase usually paves the way for a breakout, with CryptoBusy suggesting a price target of around $210 if Solana breaks out to the upside.
🚨 #Solana Sol Huge banner on 1D chart!
Beware of this price action! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9
— CryptoBusy (@CryptoBusy) July 18, 2024
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On the other hand, cryptocurrency analyst Ali Marinez believes that the pennant flag is setting Solana up for… Potential upside of 900% Up to $1,800. Such a massive surge, though speculative, underscores the current bullish sentiment and fear of missing out surrounding Solana within the crypto community.
#Solana Cryptocurrency Targets $1,000! Early Signs of Bull Flag Breakout Point to Potential 900% Upside. pic.twitter.com/DuFJF4h9dX
— Ali (@ali_charts) July 20, 2024
Featured image by Mudrex, chart by TradingView
