Analyst Sees SOL Surge to $1,200 on Bullish Reversal Pattern

Highlights

• Solana price could surge to $1200 by the end of this bull run.
• Top analysts call for Solana’s imminent breakout.
• Historically, Bitcoin price rallies begin after the U.S. elections.

Solana (SOL) is on the cusp of a breakout from a bull flag setup, despite recent interference from Bitcoin’s price movements. Top analysts are optimistic that SOL will experience one of the best bull markets this cycle, potentially lifting the entire meme coin sector. The question remains: Can SOL reach $1200 this cycle?

Three White Soldiers Pattern Hints at a Bullish Reversal for Solana Price

Analyst Altcoin Archive pointed out a rare bullish candle formation on the monthly chart for Solana, known as the Three White Soldiers pattern. According to technical analysis principles, this candlestick formation is typically followed by a short-ranging period before an explosive breakout to the upside.

Historically, Bitcoin begins the final phase of its bull run following the November elections. Investors hope this trend continues, which would validate Altcoin Archive’s analysis.

Currently, SOL is trading at $143.03, having seen a 3.7% drop over the last day. The overall crypto market is down 3.5% in the past 24 hours as Bitcoin struggles to hold above $64,000.

Bull Flag on the Macro to Spur SOL to $1200

Macroeconomist Seth shared insights on Solana’s potential trajectory, suggesting that SOL could lift an entire ecosystem of meme coins. His conclusions are based on a bullish continuation pattern observed on the daily timeframe chart.

Seth’s analysis indicates that Solana is currently experiencing a pullback after a strong uptrend, forming a bull flag. A breakout from this market structure could propel the Solana price into the $900-$1200 range.

SOL Price Analysis: Short-Term Outlook at $220

Current predictions suggest that Solana is struggling to retest the upper boundary of the bull flag. A breakout above the upper trendline could lead to an explosive upward move, entering a price discovery phase targeting previous highs around $220.

The Relative Strength Index (RSI) stands at 49.23, indicating neutral momentum. The RSI has fluctuated between 40 and 60, suggesting the market is neither overbought nor oversold, with a positive sign for bulls as it remains above 40.

Additionally, the Chaikin Money Flow (CMF) is relatively low at -0.06, signaling a lack of strong trend in either direction. The combination of a neutral RSI and low CMF indicates that SOL is currently in a consolidation phase. Momentum indicators suggest that a significant directional move has not yet begun, and traders should await clearer signals, particularly a breakout above key resistance levels or a breakdown of support levels.

Conclusion

As analysts remain bullish on Solana’s potential, the upcoming price movements could define its trajectory in this cycle. With several indicators pointing towards a breakout, investors are keenly watching to see if SOL can indeed reach the $1200 mark.