The price chart for Solana (SOL) suggests that the altcoin may be poised for a 70% surge. In August, Solana’s price fell to $130.
As of today, it has risen to $168, pointing to a possible breakout that may already be in progress. This analysis discusses how SOL could advance beyond its current levels by the end of the year.
Bullish Pattern Formation for Solana on Weekly Chart
The weekly chart reveals that SOL has developed a cup-and-handle pattern. This formation occurs when the price undergoes a U-shaped recovery—appearing like a “cup”—followed by a consolidation phase that looks akin to a “handle.”
Since March, SOL’s price has been stabilizing between $127 and $201, reflecting indecision in selecting a specific trajectory. To confirm this pattern, a breakout above the significant neckline is necessary.
Should this breakout materialize, the price could increase by an amount nearly equal to the height of the cup from its lowest point to the neckline. With the token having exceeded the neckline at $167, it is conceivable that the altcoin could appreciate by 70%, potentially reaching $285.
Read more: 7 Top Platforms to Purchase Solana (SOL) in 2024
Additionally, the Bull Bear Power (BBP) indicator in the chart illustrates that bullish sentiment dominates, supporting the price prediction. The BBP indicates whether buyers’ strength surpasses that of sellers, or if bears hold sway.
Generally, a negative reading signifies that bears exert more influence on the crypto’s price, whereas a positive reading implies that bulls are pushing for an upward price shift, which seems to be the current scenario.
Moreover, the rising institutional adoption of Solana may further boost its price. Recently, VanEck, an asset management firm, included staking in its Solana Exchange Traded Note (ETN) in Europe.
This decision implies that Solana could be on track for considerable institutional interest, following significant adoption of Bitcoin (BTC) and Ethereum (ETH).
SOL Price Forecast: Potential Surge to $176
In the near term, Solana’s price has bounced back above the $155 support level. A drop below this threshold could have triggered a substantial correction for the cryptocurrency; however, since it has not, SOL may be positioned for an upward move.
The Fibonacci retracement levels also seem to support this upward movement. Based on the Solana price chart below, if buying pressure continues to rise, the altcoin could reach the 78.6% Fibonacci retracement level. In this case, the token may reach $176.07, indicating a potential further rally towards $194.08.
Read more: Solana (SOL) Price Forecast 2024/2025/2030
However, should the price fall below the 61.8% Fibonacci level, this bullish expectation may not come to fruition. Instead, SOL could potentially decline to $142.06.
Disclaimer
This price analysis article is intended for informational purposes only and should not be perceived as financial or investment advice, in accordance with the Trust Project guidelines. BeInCrypto strives for accurate, unbiased reporting; however, market conditions may change rapidly. Always conduct thorough research and seek professional advice before making financial decisions. Our Terms and Conditions, Privacy Policy, and Disclaimers have been recently updated.
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