This Could Boost #Solana Prices by 80%: Crypto Analyst

The Solana (SOL) price has plummeted 7.5% in 24 hours, following the crypto market's trend. Known analyst Rekt Capital says there's no need to be negative.

The crypto researcher said that Solana's consolidation pattern suggests an 80% price surge in a recent technical study. Rekt Capital says Solana is trading in a bull flag on Binance's weekly SOL/USD chart.


Traders look for a strong breach above the flag to confirm the uptrend. The analyst notes that Solana just rejected the top of the bull flag formation at $208, signaling a short-term halt in its upward momentum.

Rekt Capital stated that if Solana continues, it may form a Bull Flag before challenging Range High $208 resistance again.

In particular, Rekt Capital notes that although periodic dips or “wicks” into the $173 level are okay, the price must normally maintain above the $184 weekly support to confirm the bullish perspective. The chart shows a blue horizontal line at $173 as further support.

In terms of price objectives, the chart shows an 80.57% rise from the bottom of the bull flag (“pole flag”), which might lead to a $330 target if confirmed in the following days or weeks.

The lower time frames favor Solana Bears.
Solana lost momentum on the 2-hour chart, suggesting short-term consolidation or bearish trend. SOL fell -13%, breaking a strong rising trendline (black) that had supported its rise.

The price has broken through the Fibonacci retracement levels from the swing low at $162.68 to the swing high at $204.19, hanging around the 0.618 Fib level at $178.54. This level is usually a good support zone, but a sustained breach below might drive losses into 0.786 ($171.56) and the entire retracement at $162.68.

Volume indicators reveal a sharp rise in selling pressure throughout the price drop, supporting negative momentum. The Relative Strength Index (RSI) has dropped to 29, nearing oversold territory. This means sellers are in charge, but if the RSI sinks lower into oversold circumstances, reactive buying may occur.

$SOL #sol