Solana Set For 900% Rally With Breakout From This Pattern

Recent
events
have
brought
Solana
(SOL)
to
the
spotlight,
drawing
in
both
experts
and
investors
due
to
its
notable
price
gain.
According
to
market
expert
Ali
Martinez,
the
price
of
Solana
is
likely
to
see
a
remarkable
growth
of
900%,
which
will
ultimately
result
in
the
price
reaching
$1,630.

Related
Reading

Based
on
his
prognosis,

Solana
might
be
about
to
perform
better
in
the
coming
weeks
or
months.
This
is
because
it
has
recently
displayed
a
pattern
called
a
“bull
pennant”,
which
in
technical
lingo
usually
means
the
price
is
set
for
a
big
ascent.

The
next
period
of
stabilization,
during
which
volatility
dropped
and
price
action
became
more
narrow,
led
to
the
pennant
shape.
Martinez
says
that
Solana’s
recent
break
above
the
top
trendline
of
this
pennant
is
a
strong
sign
that
prices
will
go
up.
This
big
step
forward
and
last
week’s
20%
rise
show
that
the
market’s
mood
has
changed
a
lot.

#Solana

$SOL
has
officially
broken
out
from
this
bull
pennant,
suggesting
a
potential
900%
rally
ahead.

pic.twitter.com/CWQdWGny0X

—
Ali
(@ali_charts)

July
24,
2024

Market
Situation
Shows
Mixed
Signs

Notwithstanding
the
hopeful
estimate,
the
state
of
the
current
market
shows
a
mixed
picture.
Currently
selling
at
$166,
Solana
shows
a
9.70%
drop
only
this
week.
Meanwhile,

Fisher
Transform,
which
predicts
market
turning
moments,
shows
a
bearish
signal
for
Solana.

This
implies
that
although
the
break
from
the
pennant
is
positive,
instantaneous
market
circumstances
could
not
entirely
support
the
predicted
upward
trajectory.

Observing
that
the
TD
Sequential
indicator
flashed
a
Sell
signal
on
three
separate
timesframes
for
Solana,
Martinez
had
earlier
expected
this
retreat.
He
says
that
although
the
868%
increase
to
$1,630
is
still
a
long-term
possibility,
it
is
not
likely
to
happen
right
away.

Solana
is
now
trading
at
$177,21.
Chart:

TradingView

Solana:
Forecast
Creates
A
Complex
Picture

Unlike
Martinez’s
very
optimistic
view,
current

Coincheckup
data
offers
Solana
a
more
cautious
estimate.
Solana
is
selling
14%
below
its
projected
value
right
now,
according
the
statistics
for
the
next
month.

SOL
seen
rising
in
value
in
the
coming
month.
Source:
Coincheckup

With
a
forecast
4.37%
increase
over
the
next
three
months,
the
short-term
view
is
still
cautiously
positive
nonetheless.
This
little
rise
implies
that
the
crypto
is
likely
to
hold
steady
even
if
quick
rebound
might
be
sluggish.