Solana has recently caught the attention of market participants extraordinary escalate to $175stunning investors and analysts. Solana is currently up 40% from its low of $123 this month. The cryptocurrency’s sturdy bullish momentum has reignited optimism among traders and investors, who are now eagerly awaiting a potential breakout above $200 in the coming week.
Traders have also noticed a bullish pennant formation on the SOL price chart, which confirms expectations for a SOL price of $200. This pattern is usually seen as a continuation signal, suggesting that the current uptrend it can last in the coming week.
Growing speculation about SOL breaking above $200
According to data from Santiment, Solana has seen an impressive breakout, rising 33% since July 4. Interestingly, the on-chain tracker noted that despite this significant price escalate, a significant amount of negativity around Solana among some traders. This persistent skepticism has created fear of missing out (FOMO) among most investors, which in turn has fueled the upward momentum in Solana’s price. The pointed price escalate means that Solana faithful who persevered despite last month’s extended decline have been largely rewarded for their patience.
📈 Solana faithful have been rewarded for their patience as prices have surged +33% since July 4th. This escalate is fueled by the crowd’s doubts about SOL. Until FOMO replaces FUD, $200 SOL is very attainable. photo: twitter.com/hLpf8qZVqb
— Santiment (@santimentfeed) July 19, 2024
Analysts at Santiment are bullish on Solana’s future, predicting that the current price rally will continue and potentially push SOL above $200 again. At the time of writing, Solana is trading at $171, meaning it would need to see an additional 17% escalate to reach the expected $200 level.
“Until FOMO replaces FUD, $200 SOL will be very attainable,” Santiment said.
This further growth forecast is based on recent market trends and the general bullish sentiment that is building around Solana. Investors and traders are closely watching to see if Solana can maintain its momentum and reach its $200 target.
Technical Analysis SOL
The technical analysis of the SOL price also suggests a bullish breakout above $200. According to crypto analyst CryptoBusy, Solana is currently forming a pennant formation on the daily candlestick chart. The chart reveals that since March 2024, Solana has been exhibiting a pattern of lower highs and higher lows, which has been causing the range to tighten and price corrections to squeeze.
A consolidation phase typically forms the basis for a breakout, and CryptoBusy suggests a price target of around $210 if Solana breaks higher.
🚨 #Solana SALT HUGE PROPOSAL on 1D chart!
Watch out for this price action! https://t.co/GF2BfV0Dtv photo: twitter.com/Hlh73PKHq9
— CryptoBusy (@CryptoBusy) July 18, 2024
On the other hand, cryptocurrency analyst Ali Marinez believes that the flagship is preparing Solana for potential 900% growth to $1,800. Such a massive escalate, although speculative, highlights the bullish bias and current fear of missing out on an opportunity surrounding Solana in the cryptocurrency community.
#Solana measures $1000! Early signs of a breakout from the bullish pennant suggest a potential 900% rally ahead. photo:twitter.com/DuFJF4h9dX
— Ali (@ali_charts) July 20, 2024
Featured image from Mudrex, chart from TradingView
