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SOL could rally 900% in the long run and hit $1000 per analyst.
Short-term price action seems uncertain as the market awaits the US spot ETH ETFs.
As a seasoned researcher with over a decade of experience in financial markets, I have witnessed numerous bull and bear markets, and I have developed a keen eye for spotting trends and patterns. Based on my analysis of Solana (SOL), I believe that there is significant potential for the altcoin to rally in the long term, potentially reaching $1000 or even beyond.
I analyzed the cryptocurrency market trends during the week of 15th-21st July, and I noticed that Solana (SOL) regained its value and surged past the $150 mark, reaching a press time value of $173, representing a 17% increase. This upward trend followed the broader market’s relief recovery.
According to crypto analyst Ali Martinez, there was potential for an additional 900% increase in gains for the altcoin.
“Signs point to Solana aiming for the $1,000 mark. The early indicators of a bull flag formation suggest the possibility of an impressive 9x increase.”
The foundation of Ali’s reasoning relied heavily on intricate examination, specifically the emergence of the bullish pennant formation evident in Solana’s (SOL) weekly price chart.
The trend follows a common bullish pattern, which usually results in a breakthrough similar to a flagpole. For Solana (SOL), this could potentially lead to reaching the $1000 mark in the future.
Evaluating SOL’s $200 short-term target
In the near future, Solana (SOL) needs to surpass the $200 mark in order to advance further, according to Daniel Cheung of Syncracy Capital and many other market analysts. By the end of July, it’s anticipated that Solana could reach prices above $200.
I believe Solana (SOL) will take the front seat in the crypto market’s advance during the upcoming phase. The month of August is shaping up to bring a massive price increase for SOL, potentially surpassing the $200 mark before the end of July.
One potential way to rephrase this statement in clear and conversational language is: “A recent increase in the number of active addresses to over 2 million users has boosted the short-term price rise and potentially set the stage for further gains.”
This meant that there were more users and addresses engaging with the altcoin.
The technical analysis of price charts indicated that the current rally in the market might come to a halt soon. Specifically, the RSI and Stochastic oscillators, as monitored by CryptoQuant, signaled overbought conditions.
This suggested a bearish reversal couldn’t be overruled.
On the derivatives market, there was a significant drop in trading volume amounting to more than 40% as of last Sunday, according to Coinglass statistics. This decrease wasn’t surprising due to the reduced market liquidity typically seen over the weekend.
The approaching market event, specifically the launch of Ethereum [ETH] ETFs on July 23rd, has the potential to influence the future price trend for Solana [SOL].
During the upcoming week, it would be worth keeping a close eye on the price points of $166 and $176. These levels hold substantial importance due to the presence of considerable market liquidity in those areas.
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2024-07-21 14:15