Ali Martinez predicts Solana will rally above $1,000 soon.
The analyst spotted a bullish wedge flag breakout on the Solana chart.
A similar breakout triggered a 717.17% SOL rally in 2021
With the crypto market rebound, Solanaâs native token, SOL, is gaining attention for its price surge. Crypto analyst Ali Martinez has added fuel to this optimism, predicting a significant rally based on technical patterns and historical data.
The analyst predicts SOL could soon rally above $1,000. Martinez based his prediction on SOLâs historical price behavior, citing similarities between the altcoinâs recent trend and the 2021 pattern that led to an impressive surge.
#Solana is looking a lot like July 2021⊠$1,000 $SOL coming soon! pic.twitter.com/J0Yx5npfiS
â Ali (@ali_charts) July 26, 2024
In 2021, SOL experienced a remarkable rally shortly after the protocolâs launch, surging from a low of $22.14 to an all-time high of $260, representing a 1,100% increase over four months.
Martinezâs analysis highlights that Solana appears to be repeating its pre-2021 rally behavior by breaking out of a bullish wedge flag pattern. In 2021, SOL broke out of a similar pattern after bouncing off the $22.14 bottom to rally 717.17%. Martinez juxtaposed the 2021 chart with SOLâs recent formation, suggesting the altcoinâs price is mirroring the earlier pattern at the breakout point.
Notably, Martinezâs current chart analysis shows SOL has recently broken out of another bullish wedge flag and is exhibiting accumulation, suggesting an impending rally. Based on this projection, Martinez anticipates SOLâs next target to be above $1,300, representing a 717.28% increase from its current price.
SOL has been one of the top-performing cryptocurrencies since the start of the current bull run. The layer-1 altcoin rebounded from a low of $17.34 last September, surging 1,184% to reach a high of $209.90 in March 2024.
While SOL has traded sideways amid a broader crypto market consolidation, ranging between $188.90 and $118.68 since May, recent trends suggest the altcoin is regaining its bullish momentum. This has led many analysts, including Martinez, to predict a potential breakout to the upside.
According to TradingView data, Solana was trading at $179.07 at the time of writing, having recovered from a recent pullback to $121.01.
The post Could Solana Reach $1,000? Crypto Analyst Sees Parallels to 2021 Rally appeared first on Coin Edition.
