Traders state that a bullish pennant pattern has begun to form on the Solana (SOL) chart and point out that SOL may break out at any time.
The cryptocurrency market has entered a recovery process in the last week and many altcoins have experienced significant increases. Especially Solana has added significant vitality to its ecosystem with these rises.
SOL gained 17% in value in the last week. Dogwifhat (WIF), which is on the Solana blockchain, increased by nearly 60%.
Traders emphasize that a formation has emerged that will support the rise of SOL.
Is a Bull Market Coming for Solana (SOL)?
“On the 1-day chart, SOL has formed a large pennant,” commented CryptoBusy in its statement the other day. This pennant formation occurs when the price consolidates in a triangle shape after a strong decline. A bullish pennant usually results in a bullish move.
InvestAnswers argued that SOL is showing impressive strength and holding firm despite the general trend of the cryptocurrency market. According to CoinMarketCap data, SOL, which is among the top ten cryptocurrencies by market value, gained 17.01% in value in the last week, becoming the second highest rising altcoin of the week. In first place is XRP, which rose by 23.57%.
Crypto analyst Honey noted that SOL is trading around $160 and emphasized that this level is a pivot area. "I should be careful about long-term positions in this region," Honey said, drawing attention to the use of leverage.
Honey stated that SOL's potential rise could go up to $192, but if the current level cannot be maintained, it could drop to $140.
Crypto Tony, on the other hand, believes that $160 will not serve as the critical support level. Tony suggested that a 1.3% rise is still needed for SOL.
Crypto analyst Tony commented, "There is a nice rise here, regaining $163 as support is the next goal."
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