As the month or year's first half concludes, the cryptocurrency markets witness notable strength, particularly in tokens such as Solana. Solana's price has managed to remain above a bullish threshold, hinting at a potential surge in buying activity that could trigger a robust uptrend in the near future. Despite closing the weekly trade on a positive note, Solana's price is expected to undergo a period of consolidation before further advancements. The current market conditions indicate that bulls are steadily accumulating gains, with the price holding within a narrow range above the $144 support level. The ongoing upward trend throughout the day's trading session suggests that Solana is poised to end the monthly trade with a bullish tone, having already confirmed its price bottoms. The token's consolidation phase echoes a previous pattern that led to a substantial price increase of nearly 1000% to achieve an all-time high of $260. The looming question is whether SOL price will witness a similar surge and reach $1000. Analysis of Solana's historical chart reveals a familiar price action reminiscent of the period before the 2021 bull market rally commenced. The accumulation pattern and RSI levels mirror previous phases, with decreasing volume signaling bullish prospects for the cryptocurrency market. While technical analysis hints at an impending breakout from consolidation, the accumulation phase is still unfolding. Consequently, Solana (SOL) price is anticipated to demonstrate a gradual ascent within a triangular formation, touching around $145 before surging to interim peaks near $165. By the conclusion of the third quarter trade, the price is projected to converge at the triangle's apex and set off on a fresh bullish trajectory towards higher price targets.
Will Solana (SOL) Price Hit $1000 in the Upcoming Bull Run?

by Giorgi Kostiuk
2 years ago

Other news
ApeCoin Bridges Meme Culture and Utility in the Crypto Space

ApeCoin bridges meme culture and utility in the crypto space by leveraging NFT adoption and decentralized governance to create long-term value opportunities.

Bonk Rises in Popularity with Community-Driven Momentum

Bonk is gaining traction thanks to its viral campaigns and strong community initiatives.

Peanut the Squirrel Gains Popularity as a Rising Meme Coin

Peanut the Squirrel is becoming a notable player in the meme coin market with its unique theme and community-driven campaigns.

CV5 Capital Introduces a New Platform for Crypto Fund Managers

CV5 Capital has launched an innovative multimanager platform to streamline the fund launch process for crypto fund managers.

Coinbase Expands Prediction Markets Nationwide

Coinbase has expanded its prediction markets feature to users across all 50 US states, allowing nationwide access to event-based trading through a partnership with Kalshi.

UAE Central Bank Approves First USD-backed Stablecoin USDU

The UAE's Central Bank has approved USDU, the first USD-backed stablecoin, under the Payment Token Services Regulation framework.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter