Solana Price Forecast: Analyst Says Prepare for the Greatest Year Yet as $SOL Forms Bullish Pennant
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Solana price has risen by 3.5% today, climbing to $148 as the cryptocurrency market recovers by 1.5% in the past 24 hours.
SOL remains down by 5.5% in a week, but has posted a 16% gain in a month and a 525% increase in the past year.
Its movements today also come as one Crypto-Twitter analyst notes that the Solana price has formed a “massive pennant bullish continuation pattern,” and that it could rise as high as $800 over the next year.
Such a price may be a best-case scenario for SOL, but with the market likely to gain further momentum as we end 2024, it’s certainly on course for more gains in the medium- and long-term.
While SOL has dipped a little in the past hour, its short-term momentum remains very promising, as underlined by its indicators.
For one, its 30-period moving average (orange) has just climbed over the 200-period average (blue), forming a ‘golden cross’ that often signals an incoming breakout.
Not only that, but SOL’s resistance (red) and support (green) levels are converging on each other, which again indicates an imminent push.
And when we zoom out and look at Solana’s longer term chart, we also see a medium-term pennant forming, again reinforcing the suspicion that something big may be coming.
Online analyst CryptoCurb pointed this out a couple of days ago, while advising his followers to prepare for the “greatest year” of their lives.
$SOL
Mentally Prepare yourself for the Greatest Year of your Life.
