Solana continues outperforming the rest of the broader cryptocurrency market, with its weekly gains now at around 19%.
The 5th largest crypto by market has recorded a steady bullish streak over the past week, with analysts predicting that these gains will continue.
According to analyst @Ali_Charts on X, SOL appears prime for a massive 900% rally that will take the price to $1,000.
#Solana is eyeing $1,000! Early signs of a breakout from a bull pennant suggest a potential 900% rally ahead. pic.twitter.com/DuFJF4h9dX
— Ali (@ali_charts) July 20, 2024
The analyst noted that the SOL price had created a symmetrical triangle pattern. This pattern shows that SOL has entered a period of consolidation, signaling a potential breakout to higher prices.
The analyst noted that this was a long-term projection, with SOL potentially hitting these prices in 2025. He added that the recent pattern had taken 184 days to form, and multiple corrections would be seen before these record highs were attained.
@Ali_Charts is not the only bullish analyst about a Solana rally to $1,000. Captain Faibik noted that SOL was on the verge of a bullish pennant breakout.
SOL’s price movement shows that it has broken out of a long-term downtrend, and after consolidating within a symmetrical triangle, the price was poised for a bullish break to $1,000.
$200 SOL Is In Sight
Solana is up 4.3% in the last 24 hours, trading at $180 on July 22 as of 01:32 a.m. EST.
According to on-chain analytics platform Santiment, SOL’s price rally could only be getting started, with the token expected to break $200 soon.
Santiment noted that SOL price has jumped by over 30% since early this month. This rally is driven by uncertainty over whether SOL will make notable gains.
“The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very much reachable soon,” Santiment said.
The Solana rally is also expected to intensify further this week with the possible launch of spot Ether exchange-traded funds, marking the first altcoin ETF in the US.
ZyCrypto reported that the buzz around Ether ETFs is driving gains for Solana, a top Ethereum rival. Industry pundits believe a spot SOL ETF could be next. 21Shares and VanEck are the asset managers who have filed for spot Solana ETFs with US regulators.
