Solana attracted attention by rising above the $170 level in recent days. This rise indicates that it carries the potential for a greater increase in the eyes of a famous cryptocurrency analyst.
The bull flag formation appearing on the weekly chart indicates that it could provide significant gains for Solana in the future. Solana (SOL) has shown a strong performance in recent weeks, rising above the $170 level. This rise aroused great interest among cryptocurrency investors and analysts. A well-known analyst on the X platform pointed out a bull flag formation on the weekly chart for Solana and suggested that this could be a major breakout signal for the token.
The bull flag pattern is a widely known pattern in technical analysis and usually signals that the uptrend will continue. This pattern represents a period of consolidation following the previous big move and usually signals further price rise.
According to Ali Martinez's analysis, Solana's exit from the current consolidation range may carry a significant uptrend potential in the coming period. According to the chart, Solana has experienced a massive rise from below $20 to around $200 in the past. It indicates that if a similar pattern repeats, Solana's price could rise above $1,000 by mid-2025, representing an increase of approximately 900%.
Currently, Solana is trading around $173 and is up around 3% in the last 24 hours. The market is generally optimistic as altcoins posted a weekly gain of 22%. Over the past month, Solana's price has increased by over 30%, pushing its market value to over $80.8 billion and making Solana the fifth largest cryptocurrency.
Solana's future outlook highlights that although technical indicators paint a positive picture, investors should consider the volatile nature of the market. While the bull flag formation is a strong sign for future price growth, external market factors and general economic conditions will determine Solana's progress.
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