Solana (SOL) Price Set to Soar by 50%: Optimism Surges Among Experts
Crypto analysts are becoming increasingly bullish on the prospects of Solana (SOL), with predictions indicating a potential 50% surge in the near future. Following SOL’s impressive 11% gain in the past 24 hours, several well-known analysts have come forward to express their optimistic stance.
One such analyst, Bob Loukas (@BobLoukas), has provided an encouraging outlook on Solana’s price action. He states, “SOL has now established a strong base and is ready to make a move towards $250.” This prediction is based on a detailed analysis of the weekly SOL/USD chart.
This chart reveals that SOL has successfully changed its previous resistance level of around $140 from March 2022 into a robust support zone. This level had previously acted as a strong barrier from mid-December of the previous year until the beginning of March. By transforming this resistance into support, SOL is now ideally positioned for a rally towards $250. This price target falls just $10 short of Solana’s all-time high from late October 2021, which was around $260.
Adding to the positive sentiment, crypto analyst Byzantine General (@ByzGeneral) has also expressed his bullish view on SOL. He remarks, “SOL looks quite promising to me. The leverage in the system has actually decreased while the price is rising, and at the same time, Coinbase has been accumulating a significant amount of spot.” This further strengthens the belief in SOL’s potential upward movement.
It is worth noting that not only does the SOL/USD chart look exceptionally strong, but the SOL/ETH chart, which showcases Solana against its fierce competitor Ethereum, also indicates a significant breakout. Many analysts believe that SOL/ETH is primed for a major surge.
Christopher Inks, the founder of TexasWest Capital, explains, “SOL/ETH on the weekly chart looks amazing. It doesn’t get much better than this, with the wedge breakout while Stoch RSI is moving into bullish territory after being oversold. RSI has bounced from neutral and is approaching a bullish cross. Breaking above 0.04597 instills confidence in the rally towards a minimum target of 0.07231.” This analysis suggests a highly optimistic future for SOL compared to ETH, potentially outperforming the latter by over 70%.
Renowned macro expert Raoul Pal also adds his perspective, stating, “SOL/ETH appears to be on the verge of a breakout after a perfect consolidation… SOL is likely to take the lead again soon.” Pal’s analysis is based on the falling wedge correction pattern, a bullish signal that SOL/ETH has already broken out from.
However, it is crucial to confirm this breakout to avoid considering it a fakeout, signifying a potential major breakout against ETH. Renowned trader Peter Brandt, responding to Pal’s analysis, recognizes the pattern as a “Classic Schabacker falling wedge correction,” a bullish signal that typically indicates a potential reversal or continuation of the trend.
The Falling Wedge pattern, characterized by converging trend lines, decreasing volume, and a breakout with increased volume, suggests that SOL’s current pattern positions it for significant upward movement.
At the time of writing, SOL is trading at $168.59, surpassing the 0.618 Fibonacci retracement level on the weekly chart.
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