Potential 28% Surge in Solana Price Expected by Month End: Key Factors to Consider

Potential 28% Surge in Solana Price Expected by Month End: Key Factors to Consider

Solana Price Prediction: Bullish Flag Pattern Signals Potential Surge

The current correction in Solana’s price is encapsulated within two parallel trendlines, forming what appears to be a bullish flag pattern. This chart formation suggests that Solana (SOL) is experiencing a natural downturn within an overarching uptrend, providing an opportunity for buyers to momentarily gather strength. The question arises: could this technical scenario, combined with Solana Mobile’s announcement of a second smartphone release, amplify demand for SOL?

Is Solana Price Ready to Regain $100?

Flag Pattern Breakout would signal an early sign of uptrend continuation. The 50-day EMA continues to act as dynamic support to SOL amid market correction. The 24-hour trading volume on the Solana coin is $1.89 Billion, indicating a 21% gain.

Over the past three weeks, SOL’s value has decreased by 22.87%, settling at around $97.4. Despite this decline amidst broader market skepticism, the emergence of a bullish flag pattern in the Solana price chart hints at a potential reversal.

  • According to the Fibonacci retracement analysis, the current price level is holding strong above the 38.2% mark, suggesting that buyers still maintain significant control over the price trajectory.
  • Adding to the bullish sentiment, Solana Mobile is poised to launch its second smartphone, building on the success of its first crypto-integrated Saga phone. The upcoming device will retain key features such as an integrated cryptocurrency wallet, custom Android software, and an exclusive dApp store for decentralized applications.

For traders optimistic about Solana, a key moment to watch for is a breakout above the current trendline resistance. Such a move could potentially initiate a 30% surge, aiming for the previous high resistance level at $126.

Is SOL Heading to $200?

An examination of Solana’s weekly chart reveals that this pullback is part of a more extensive bullish “Cup and Handle” reversal pattern. A rally towards the $126 target would also hint at a bullish breakout from the neckline resistance of this pattern. This pattern, which has been forming over nearly two years, signals a significant trend reversal if SOL successfully breaches this pivotal barrier. Should this pattern come to fruition, SOL could embark on an upward journey, potentially reaching as high as $255.

Technical Indicators

  • Exponential Moving Average: The coin price above 100-and-200-day EMA indicates the overall trend is bullish.
  • Average Directional Index: The low value of ADX reflects the last correction offering buyers sufficient breaks to restore their energy.