As a seasoned crypto investor, I’ve seen my fair share of bearish and bullish markets. Solana’s recent price action has been mostly bearish, with the crypto experiencing a 29% decline since reaching its monthly high in May. However, some analysts like Crypto Patel are still bullish on Solana’s long-term potential.
The prolonged bearish trend for Solana may be nearing an end, as cryptocurrencies in general have exhibited conflicting price movements in the last 24 hours. Looking at the bigger picture, Solana’s price has been predominantly bearish and has been dropping since the beginning of the month. The crypto hit a 30-day low of $123.96 recently, which is a 29% decrease from its monthly high of $174.65. However, some optimistic voices persist, with crypto analyst Crypto Patel forecasting a bullish outlook for Solana in the long term, and even predicting a potential price surge to $1,000.
Solana To $1000?
Expert here: Crypto analyst Crypto Patel, recognized for his Bitcoin insights, shared some thoughts on Solana’s potential price trend via social media platform X. Based on his analysis of the Solana/TetherUS 1-week chart, there are indications suggesting a significant price increase towards $1,000 for Solana in the long term. Notably, this chart depicts the formation of a large cup and handle pattern – often interpreted as a bullish sign in technical analysis.
As a crypto investor, I’ve noticed that Solana has been forming a “U-shape” pattern since 2022. This shape is characterized by a significant six-month price surge, which started in October 2023 and completed the other side of the U. However, despite this impressive growth, there’s a clear resistance level at Solana’s current all-time high of $259. This resistance has been present throughout the entire U-shape formation and is now causing the price to form a “handle” pattern at the peak of the U. So, while I’m excited about the potential of Solana based on its recent growth, I remain cautious as this resistance level could limit further upward momentum.
Based on technical analysis, the handle pattern for Solana is projected to be finished approximately by the end of 2025. Afterward, there’s a possibility for Solana to breach the neckline resistance in 2026, triggering a significant upward trend towards new record highs. The initial price objective lands around $430, while the second objective surpasses $1,000 – representing potential growth of 220% and 640%, respectively, from current prices.
The analyst’s technical analysis provides a longer-term perspective rather than focusing on short-term price fluctuations. It functions as a strategic guide for future moves over the coming years.
As an analyst, I’d like to point out that although Crypto Patel’s projected SOL price peak may be extremely optimistic, reaching it seems to present significant challenges. The technical analysis indicates that Solana could experience a decline to around $46 during the development of this handle pattern. This potential price point might not sit well with those who are bullish on Solana.
As I analyze the current market situation, Solana is currently priced at $136 with a 9% increase over the previous 24 hours. The bulls are making efforts to reverse the downward trend that has persisted for over a month. Based on historical price trends, it’s worth noting that Solana has consistently experienced price growth in July over the past six years. Therefore, investors may anticipate a potential bullish run for Solana during this month.
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2024-06-25 23:10