Crypto analysts are increasingly bullish on Solana (SOL), with forecasts suggesting a potential 50% increase in the near future. Following SOL’s 11% increase in the last 24 hours, several renowned analysts have come forward to express their bullish stance.
Solana Price Poised to Rise Toward $250
On X, crypto trader Bob Loukas (@BobLoukas) has offered an optimistic outlook, stating: “SOL now based and stocked to reach $250.” This statement is based on a thorough analysis of the SOL/USD weekly chart.
The chart exposes that SOL has transformed its March 2022 resistance level of around $140 into a robust support zone. Previously, this level served as strong resistance from mid-December last year until early March.
By converting this resistance into support, SOL is now poised for a rally towards $250. This price target is just $10 less Solana’s all-time record for around US$260 in late October 2021.
Adding to the bullish sentiment, crypto analyst Byzantine General (@ByzGeneral) commented: “SOL looks pretty good to me. The system’s leverage has fallen while the price has risen, and at the same time Coinbase has been buying a lot of spot.”
Notably, not only does the SOL/USD chart look ultra strong, but also the SOL chart against its fiercest competitor in the fight for the top layer 1 network, Ethereum. According to several analysts, SOL/ETH is poised for a major breakthrough.
Christopher Inks, the founder of TexasWest Capital, shared his analysis, noting: “SOL/ETH weekly looks amazing. It doesn’t get any better than this with the wedge breaking out as Stoch’s RSI is crossing bullishly into oversold and threatening to break out and the RSI has bounced into neutral and is approaching a bullish cross. Breaking above 0.04597 adds confidence in the recovery towards an expected low target of 0.07231.”
This technical malfunction suggests a very optimistic future for SOL compared to ETH. If this technical setup comes to fruition, SOL could outperform ETH by more than 70%.
Macro expert Raoul Pal also joined the conversation, stating: “SOL/ETH looks like a breakout after a perfect consolidation… SOL will likely take the lead again soon.” Pal’s analysis is based on a falling wedge correction pattern, a bullish signal, from which SOL/ETH has already broken out.
However, it is important to note that this breakout needs to be confirmed to avoid being considered a fake, indicating a potential large breakout against ETH. Renowned trader Peter Brandt, commenting on Pal’s analysis, identified the pattern as a “classic Schabacker falling wedge correction,” a bullish signal that typically indicates a possible trend reversal or continuation.
The Falling Wedge pattern, characterized by converging trendlines, decreasing volume, and a breakout with increasing volume, suggests that SOL’s current pattern positions it for significant upward movement.
At press time, SOL traded at $168.59, surpassing the 0.618 Fibonacci retracement level on the weekly chart.
Featured image from Shutterstock, chart from TradingView.com
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