Solana to $1,000? Potential Pattern Breakout Hints 900% Rally.

Solana, the fifth largest cryptocurrency, may be on the verge of a significant price movement if a potential price pattern breakout validates. In this scenario, Solana's price might reach four digits, with the potential to rally by over 900%.

According to crypto analyst Ali Martinez, Solana might be eyeing the $1,000 price mark given a bullish pattern formation on its chart.

In his recent tweet, Ali presents a Solana price chart, highlighting the formation of the bull pennant. He notes that the early signs of a breakout are promising, indicating that Solana may be gearing up for a significant upward move.

"Early signs of a breakout from a bull pennant suggest a potential 900% rally ahead," Ali noted.

A bull pennant pattern is a technical analysis formation that often precedes a strong upward movement in price. It comprises a price uptrend, followed by a consolidation phase where the price forms a small symmetrical triangle (the pennant). Once the price breaks out of this pennant, it usually indicates the continuation of the previous uptrend.

In Solana's case, the price action has formed a bull pennant, according to Ali, suggesting that a massive rally could be imminent. If this pattern breakout validates, Solana's price might climb by 900%, reaching the highly sought-after $1,000 milestone.

Solana price action.

At the time of writing, SOL was up 2.74% in the last 24 hours to $172.90, and higher 20% weekly.

Solana's price has steadily risen since July 5, when it dropped to $121. In an earlier analysis, Ali spotted a "W" pattern on the Solana price chart, similar to a double bottom with a price target of $175.

Solana reached an intraday high of $175.57 during today's trading session. If the rally sustains and the $175 barrier is successfully breached, Solana might aim for the $180 range and eventually $200.

This bullish outlook might be negated in the near term if the SOL price falls below the daily moving averages.