Solana bearish price action may be coming to an end as many cryptocurrencies have started to show mixed price action in the last 24 hours. Digging the price action further shows that Solana has been largely bearish and falling in price since the start of the month. Notably, encryption recently achieved a 30-day low of $123.96, representing a 29% decline from the monthly high of $174.65. However, some proponents remain undeterred and still look forward to a bullish Solana in the long term. Particularly, an interesting prediction from crypto analyst Crypto Patel has Solana’s price rising towards $1,000 in the long term.
Solana to $1000?
Crypto Patel, best known for his Bitcoin acquisitions, recently released a brief analysis on social media platform X about Solana’s price trajectory. According to its 1-week Solana/TetherUS chart, Solana’s long-term price formation appears to lead to a rise towards $1,000. Notably, the chart shows the formation of a giant cup and handle pattern, which is generally considered a bullish pattern.
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Solana has been in U formation since 2022, with a recent six-month rise since October 2023 completing the other side of the U Cup. However, the pattern shows predominant neckline resistance around US SOL’s current all-time high. $259, leading to the start of the handle pattern.
![The analyst is not intimidated by the drop in Solana prices and claims that the price is approaching $1,000 1 Solana 1](https://thegurumedia.com/wp-content/uploads/2024/06/Solana-1-1.png)
According to technical analysis, this neckline pattern is expected to complete around the end of 2025. Upon its completion, Solana will have the opportunity to break through this neckline resistance sometime in 2026, which would initiate a rise to new records of all time. high. The first price target is around $430 and the second is just above $1,000, representing gains of 220% and 640%, respectively, from current price levels.
As explained above, the analyst’s technical analysis is more of a long-term outlook than a short-term price prediction. This serves more as a strategic roadmap for the coming years.
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It is important to note that while Crypto Patel’s ultimate SOL price target may be ultra-optimistic, the path to achieving it appears very difficult. Surprisingly, analysis suggests that Solana could fall to $46 during the formation of the handle pattern, a price that may not resonate well with 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 undo a month-long price slide. According to price history, investors can expect Solana to initiate bullish price action in July. This is because Solana has recorded price increases in July for the last six years.
Featured image created with Dall.E, chart from Tradingview.com