Solana bearish price action may be coming to an end, just as many cryptocurrencies have begun show mixed price action in the last 24 hours. Selecting price action further back shows that Solana has been mostly bearish and the price has been falling since the beginning of the month. Cryptocurrency in particular recently achieved The 30-day low is $123.96, down 29% from the one-month high of $174.65. However, some supporters remain undeterred and are still looking forward to seeing Solana grow in the long term. In particular, an intriguing prediction from cryptocurrency analyst Crypto Patel predicts that the price of Solana will rise to $1,000 in the long run.
Solana up to $1,000?
Crypto Patel, best known for his takes on Bitcoin, recently published a miniature analysis on the social media platform X on Solana’s price trajectory. According to his 1-week Solana/TetherUS time chart, Solana’s price formation in the long term seems to lead to an upside towards $1,000. It is worth noting that the chart shows a giant cup and handle pattern, which is generally considered a bullish pattern.
Solana has been in a U-shaped pattern since 2022, and has had a recent six-month rally since October 2023 that closes out the other side of the U-cup. However, the pattern is showing dominant neck line resistance around SOL’s current historical high of $259, leading to the beginning of the pattern access.
According to technical analysis, this handle pattern is expected to be completed around the end of 2025. Once completed, Solana will have an opportunity to break this neck resistance at some point in 2026, which would trigger a surge towards recent all-time highs. The first price target is around $430 and the second price target is just over $1,000, representing upsides of 220% and 640% respectively from current price levels.
As explained above, an analyst’s technical analysis is long-term in nature rather than a short-term price forecast. This serves more as a strategic roadmap for the next few years.
It should be noted that while Crypto Patel’s final price target for SOL may be very positive, the path to achieving it appears to be very tough. Surprisingly, analysis suggests that Solana could drop as low as $46 as the handle pattern forms, and this price may not suit Solana bulls.
At the time of writing, Solana is trading at $136 and is up 9% in the last 24 hours as bulls look to reverse the month-long price decline. Price history suggests that investors may be looking forward to Solana starting its upward price action in July. This is because Solana does registered price increases in July for the last six years.
Featured image created with Dall.E, chart from Tradingview.com
