In the final quarter of 2023, Solana (SOL) set investors’ hopes high as it entered into a massive rally and, within months, rose from its October prices near $20 to its March highs above $200.
Though the momentum in the last four months has slowed and SOL has mostly traded sideways with multiple corrections and significant volatility, one cryptocurrency expert, Ali Martinez, believes the cryptocurrency is set to delivery on the bullish promise in a most spectacular fashion.
Technical analysis (TA) conducted by Martinez revealed that Solana is, by July 25, in a strong position to reignite its rally. Per the expert’s X post, the token could now rocket as much as 900% – all the way to $1,700.
The crypto market analyst believes Solana is poised for such a massive surge due to the fact it recently left behind a bullish pennant chart pattern.
The pennant is a continuation pattern that forms after a major bullish or bearish phase and tends to signal a consolidation phase before the greater movements are continued.
Solana retains its popularity among retail and institutional investors
Solana’s bullish momentum, along with the enthusiasm of the cryptocurrency community and opposition from certain prominent influencers, boasts some significant institutional backers. Indeed, on July 23, the $1.64 trillion asset manager, Franklin Templeton, singled out SOL as one of the most promising blockchain projects in existence.
Indeed, while supporting both Bitcoin (BTC) and Ethereum (ETH), Franklin Templeton has been calling on investors and traders not to forget other ecosystems and has repeatedly singled out Solana as one of its favorites.
Solana price chart
Finally, no matter where the future may take Solana, its performance in the last 12 months or so has been nothing short of impressive. Indeed, the last 52 weeks have seen the token rally 577.86%, and since the start of 2024, SOL is up 67.56%.
SOL 1-year price chart. Source: Finbold
The last 30 days of trading have likewise been positive, with the cryptocurrency rising 24.66% within the time frame, and Solana price today stands at $170.69.