Solana repeat bull flag hints at ‘absolute monster run’ to $300 SOL

As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous bull runs and bear markets, but none quite like this current one. The recent performance of Solana (SOL) has caught my attention, particularly its repeated “bull flag” fractal pattern that seems to be pointing towards a rally.

Although Solana (SOL) recently hit an unprecedented peak at $264 on November 23rd, it has not begun its price exploration phase yet. Instead, this cryptocurrency has been displaying a consistent downtrend for the past 25 days. This downtrend is marked by a pattern of progressively lower highs (LHs) and lower lows (LLs) in the 4-hour time frame.

Despite a pessimistic near-term view for SOL, its long-term graphs suggest an upcoming surge, as various analysts predict that this cryptocurrency will reach a fresh record high in the future.

Solana’s “bullish flag” fractal predicts rally to $300

Based on Solana’s daily price chart, it appears that the cryptocurrency is replicating a fractal pattern similar to a bull flag from early 2024, a pattern that historically has resulted in a significant surge of over 100% during Q1 2024.

Over a span of 30 days, the bull flag experienced a breakout, while the current structure has been forming over the last 25 days. Moreover, similar bullish trends that have emerged during both periods include the price testing the 50-day Exponential Moving Average (indicated by the blue line) and the Relative Strength Index (RSI) dipping below the 50 threshold.

If Solana continues its bullish trend by breaking out of a familiar pattern, its short-term goal could be found near the $320 mark, based on an extension of the 1.618 Fibonacci ratio. For a more long-term projection, the potential target remains approximately $440, given the 2.272 FIB extension.

Solana is ready for an “absolute monster run,” says analyst

For most of the fourth quarter, Solana’s price growth surpassed both Ethereum and Bitcoin as shown by Glassnode. Yet, in the last month, Ethereum and Bitcoin have seen gains of approximately 26.96% and 17.49%, while Solana has underperformed considerably with a return of only about 1.61%.

This situation has sparked members within the cryptocurrency community to post playfully critical comments about Solana. However, an unidentified crypto trader named Jelle predicts that the altcoin is primed for a massive surge in value.

Moreover, the analyst mentioned that Solana is currently examining its underlying support on its trading pairs with USDT, ETH, and BTC. This examination adds credence to the likelihood of an upcoming price recovery.

While Zer0, the solo trader, disregarded the fear, uncertainty, and doubt (FUD) surrounding SOL, he explained that the price movement was simply a “breakout and retest” of the earlier resistance level which had now become support.

Daan Crypto, who dedicates his time to crypto investments, highlighted that Solana (SOL) must surge beyond $235 in the near future to solidify a bullish break of structure (BOS) on its 4-hour chart and pave the way for an uptrend with higher highs in the altcoin market.

2024-12-17 22:19

Solana’s “bullish flag” fractal predicts rally to $300

Solana is ready for an “absolute monster run,” says analyst

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