Pundit Is Undeterred By The Solana Price Crash, Says Price Is Headed For $1,000



The
Solana


bearish
price
action


might
be
coming
to
a
close,
as
many
cryptocurrencies
have
started
to


show
mixed
price
action


in
the
past
24
hours.
Dialing
the
price
action
further
back
shows
Solana
has
been
mostly
bearish
and
has
been
on
a
price
decline
since
the
beginning
of
the
month.
Notably,
the
crypto


recently
reached


a
30-day
low
of
$123.96,
representing
a
29%
decline
from
a
monthly
high
of
$174.65.
However,
some
proponents
remain
undeterred
and
are
still
looking
forward
to
a
bullish
Solana
on
the
long
run.
Particularly,
an
interesting
prediction
from
crypto
analyst
Crypto
Patel
puts
the
price
of
Solana
rising
to
$1,000
in
the
long
term.

How To Get Free Crypto  

Solana
To
$1000?


Crypto
Patel,
mostly
known
for
his
Bitcoin
takes,
recently
dropped
a
brief
analysis
on
social
media
platform
X
regarding
Solana’s
price
trajectory.
According
to
his
Solana/TetherUS
1
week
timeframe
chart,
Solana’s
price
formation
on
the
long-term
seems
to
lead
up
to
a
surge
towards
$1,000.
Notably,
the
chart
shows
the
formation
of
a
giant
cup
and
handle
pattern,
which
is
generally
considered
a
bullish
pattern.


Related
Reading


Solana
has
been
on
a
U-formation
since
2022,
with
a
recent
six-month
surge
since
October
2023
completing
the
other
side
of
the
U
cup.
However,
the
pattern
shows
a
prevailing
neck
line
resistance
around
SOL’s
current
all-time
high
of
$259,
leading
to
the
start
of
the
handle
pattern.

Source:
X


According
to
the
technical
analysis,
this
handle
pattern
is
expected
to
be
completed
sometime
around
late
2025.
Following
its
completion,
Solana
will
have
the
opportunity
to
break
through
this
neckline
resistance
at
some
point
in
2026,
which
would
initiate
a
surge
to
new
all-time
highs.
The
first
price
target
is
around
$430,
and
the
second
is
just
above
$1,000,
representing
gains
of
220%
and
640%,
respectively,
from
the
current
price
levels.


As
explained
above,
the
analyst’s
technical
analysis
is
more
of
a
long-term
outlook
than
on
a
short-term
price
prediction.
This
serves
more
as
a
strategic
roadmap
for
the
next
few
years. 

Coinbase Banner  


Related
Reading


It’s
important
to
note
that
while
Crypto
Patel’s
final
SOL
price
target
might
be
ultra-bullish,
the
path
to
attaining
it
looks
very
tough.
Surprisingly,
the
analysis
suggests
that
Solana
could
fall
to
as
low
as
$46
during
the
formation
of
the
handle
pattern,
a
price
that
might
not
resonate
well
with
Solana
bulls. 


At
the
time
of
writing,
Solana
is
trading
at
$136
and
is
9%
in
the
past
24
hours
as
the
bulls
look
to
undo
a
month
long
price
decline.
According
to
price
history,
investors
can
look
forward
to
Solana
kickstarting
a
bullish
price
action
in
July.
This
is
because
Solana
has


registered
price
increases


in
July
for
the
past
six
years. 

SOL
price
above
$135
again
|
SourcE:

SOLUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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