Many altcoins produced gains for their respective holders this week. One of them is Solana.
The SOL price pumped 20% this week, pushing it to trade at around $162.
So, what’s next? Let’s take a look at the SOL/USDT chart.
Solana Price Analysis: Ascending Triangle Pattern
SOL has been trading in an ascending triangle channel since late 2023, as you can see with blue lines on the chart below.
An ascending triangle is a bullish chart pattern characterized by a flat upper trendline and a rising lower trendline. This pattern often indicates accumulation and a potential breakout to the upside.
With this week’s pump, the SOL price is attempting to break out of this channel, which could put the price into discovery mode.
Source: TradingView
Price discovery mode occurs when an asset reaches new all-time highs, and there’s no historical resistance to guide traders. In this phase, the price can be more volatile as market participants try to establish new fair value levels.
If SOL manages to break out of the channel, the next resistance level to watch is the $200 area, which aligns with the 2024 yearly high set in March.
Before that, there’s also the $190 level to consider, which corresponds with May highs.
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On the flip side, the SOL price has strong support at the $140 area, which coincides with the 200-day moving average.
SOL Bold Price Prediction
Crypto veteran “WIZZ,” who has over 700k followers on Twitter, predicted today that the SOL price will hit a new all-time high (ATH) in the next few weeks.
Think $SOL ath in the next few weeks. pic.twitter.com/bZVu9hgIe0
— WIZZ ( beware scammers ) (@CryptoWizardd) July 19, 2024
This is a bold prediction, as it depends heavily on overall market conditions.
As a reminder, SOL’s current ATH is around $260, set during the 2021 bull run. From the current price of $162, reaching a new ATH would represent a gain of approximately 60%.
Read also: Ripple Smashes Bitcoin in Korea – Analyst Eyes $1 XRP Price Target
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The post Solana Pumps 20% – What’s Next for SOL Price? Crypto Analyst Predicts New ATH ‘In the Next Few Weeks’ appeared first on CaptainAltcoin.
