Cryptocurrency analyst Crypto Patel made bullish argument for Solanaexplaining why it’s time to start paying attention to crypto assets. This came after he noticed that SOL had printed 8 consecutive red monthly candles for the first time in its history.
Why it’s time to start paying attention to Solana
In Post XCrypto Patel stated that Solana just printed 8 consecutive red monthly candles in her life and that this is worth paying attention to. He reiterated that this has never happened and then cited the 2021 bear cycle to explain why this could be relevant for SOL. The analyst noted that SOL then dropped to around $8 after reaching its peak highest level ever (ATH) in the amount of USD 260 in November 2021.
Crypto Patel mentioned that the 2021 bear phase also generated 9 red monthly candles, but they were not consecutive. The ninth red candle is said to have marked the exact bottom at $8. Following the bottom of a bear marketThen, in the following years, SOL saw a completely modern ATH around $295.
The analyst noted that the current setup appears different and possibly stronger, with SOL forming 8 consecutive red candles from a high of $253 to a low of $67 and a 9th monthly red candle currently forming. He said market participants have to wait until the close of the month before confirming anything, but history has provided us with a familiar map.
Crypto Patel further explained that if the ninth candle plays out like the last bear cycle, it will signal a potential macro-accumulation zone. He highlighted the $80 to $50 zone as scope of accumulation to watch if the price drops. Meanwhile, if the fractal repeats, the analyst predicts that SOL could rise to a modern ATH in the range of $500 to $1,000.
SOL will likely go back to $67
In Post Xcryptocurrency analyst Jack Adams said he’s almost certain that Solana will return to retest between $67 and $58 before returning to levels between $120 and $175 later this year. He also mentioned that based on SOL/BTC and ETH chartsthe crash should come quickly, not a ponderous hemorrhage from the buying zone.
Meanwhile, the analyst stated that the key monthly zone is within reach before the next bull cycle occurs. He made this statement based on previous monthly wicks and an area where he was heavily rejected earlier this year. In particular, SOL experienced one of the largest failures such as Bitcoin price extends its decline.
As of this writing, Solana is trading around $70, down more than 5% in the last 24 hours, according to the company’s data. data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
