Solana Forms Bullish Pattern With Potential For Major Rally
According to U.Today, Solana (SOL) is showing signs of forming a bullish pattern as the market anticipates an upward movement. Renowned crypto analyst Jelle has highlighted a breakout scenario for the coin, noting that Solana has emerged from a reaccumulation structure. The analyst explained that the SOL price is now poised to push higher, predicting that once Solana begins this upward movement, it will enter a mania-like phase, leading to one of the biggest rallies in the market. Jelle also mentioned that the market will scale out aggressively once SOL surpasses its all-time highs (ATHs), with a final target of $600, marking a significant milestone for Solana.
To achieve this target, the SOL price would need to rally over 200% from its current levels. While this may seem challenging, historical patterns suggest it is achievable. For instance, Solana's price has surged approximately 642.79% in the past year, according to CoinMarketCap data. Therefore, a 200% price rally does not seem far-fetched and could be realized in the future. Currently, Solana is trading at $182.04, reflecting an increase of 0.83% in the last 24 hours. Over the past 30 days, the price has rallied 29.16% to reach its current levels, indicating that SOL has maintained a bullish trend despite ongoing market volatility.
Since breaking out from the reaccumulation phase, as revealed by Jelle, it is likely that Solana is heading toward higher levels. While Jelle’s Solana price prediction may appear ambitious, the supporting figures suggest that this narrative is plausible. It may take some time, but it is likely that the SOL price is now eyeing a new all-time high. Only time will reveal when and how this will happen.
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