Price Analysis

Will Solana (SOL) Price  Hit the $1000 Mark in the Upcoming Bull Run?

As the markets are heading towards the close of the month or the year’s first half, the tokens, specifically, Solana, are displaying acute strength. The token has kept up above the bullish range, which suggests the price could soon receive a significant influx of buying volume, reviving a strong ascending trend very soon. Although the SOL price is about to close the weekly trade on a positive note, the token is believed to remain consolidated for some more days. 

The current trade set-up suggests the bulls are accumulating gains as the price is varying within a very narrow range, ever since the token surpassed and secured support at $144. Now that the SOL price has been ranging high since the start of the day’s trade, the token is believed to close the monthly trade on a bullish note as the price has already confirmed the bottoms. The token is consolidating and forming a previous pattern, which resulted in a gigantic rise of nearly 1000% to mark the ATH at $260. 

Will the SOL price undergo a similar breakout and reach $1000?

The historical chart of Solana indicates the token is reciprocating a similar price action that it underwent just before the start of the 2021 bull run. The accumulation pattern is more or less the same and the RSI also ranges identically. The volume has also been slashed in a much similar way, which is flashing huge bullish signals for crypto. Now the question arises: will it make it to $1000? 

Apart from the technicals, the chart patterns suggest a breakout from the consolidation is imminent but the accumulation phase is yet to be accomplished. Therefore, the Solana (SOL) price is expected to maintain a sluggish behaviour with the triangle and reach the apex at around $145 after hitting the interim highs at $165. By the end of the Q3 trade, the price is expected to reach the edge and initiate a fresh bullish streak to reach the higher targets. 

SOURCE

Leave a Comment

data data data data data data data data data data data data data