Solana shows potential for a 900% rally, with prices possibly reaching $1,000 following a symmetrical triangle breakout.
Key support levels for Solana are $135 and $95, with resistance levels around $265 and higher, suggesting significant volatility.
VanEck and 21Shares recently filed for the first Solana-based ETF, reflecting increasing market interest.
Solana (SOL) may be on the verge of a substantial rally, according to a recent analysis by Ali Martinez on X. A potential breakout from a bull pennant suggests that Solana could see a price increase of up to 900%, reaching $1,000 in the near future.
#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
Price Movement and Current Trends
The price of Solana has been rising rapidly since late 2023. From around $20, it has surged to over $170 by mid-2024. At press time, SOL was trading at approximately $173.73, a price increase of 1.95% in the last 24 hours.
The recent price action shows a symmetrical triangle pattern forming since March 2024, indicating a phase of consolidation. This pattern often precedes major price movements, and in this case, it suggests a potential bullish breakout.
Key support levels for Solana are identified around $135 and $95, while resistance levels are noted around $265 and higher. The analyst predicts that if Solana breaks above the upper boundary of the triangle pattern, it could trigger a substantial price rally. The projected price target for this potential breakout ranges from $1,300 to $1,800 by early 2025.
Source: Ali Martinez on X
Technical Indicators and Breakout Potential
The weekly price movement shows a strong bullish trend, with Solana’s price increasing by 19.22% in the current week. This bullish momentum, if sustained, could validate the predicted breakout. However, it is crucial to monitor the volume and momentum behind this move to confirm its validity. If the price fails to break above the upper boundary and instead falls below the lower boundary of the pattern, it could indicate a bearish trend.
Introduction of Solana ETFs
In related news, VanEck and 21Shares recently filed with the U.S. Securities and Exchange Commission (SEC) to list the first Solana-based exchange-traded fund (ETF) in the United States. Cboe Global Markets has taken steps towards introducing Solana ETFs to the market, adding to the existing range of crypto investment products.
Following the introduction of Bitcoin ETFs and the anticipated launch of Ethereum ETFs, Solana ETFs would further diversify the range of available crypto investment products. Rob Marrocco, the global head of ETP Listings at Cboe, has noted the increasing investor interest in Solana, highlighting its potential for growth.
Future Outlook
Solana is showing promising signs of a big price increase, with analysts predicting a potential 900% rally. The symmetrical triangle pattern on its weekly price chart suggests a possible bullish breakout. Additionally, the filing for Solana ETFs could further boost market sentiment and provide new opportunities for engagement with this cryptocurrency. However, it is important to remember that market predictions are speculative, and actual movements can differ from projections.
Read also
ARK Invest and 21Shares Part Way on the Ethereum ETF Project
21Shares Introduces Three New Crypto ETPs on Euronext Exchanges
21Shares Files for Spot Solana ETF, Joining VanEck in SOL Investment Race
Solana ETF Could Come Next From BlackRock, Could This Trigger a New SOL ATH?
Cboe Seeks SEC Approval for First U.S. Solana ETF with VanEck and 21Shares
The post Analyst Predicts Solana Price Rally: Breakout from Bull Pennant Could Reach $1,000 appeared first on Crypto News Land.
