Recent events have brought Solana (SOL) to the spotlight, drawing in both experts and investors due to its notable price gain. According to market expert Ali Martinez, the price of Solana is likely to see a remarkable growth of 900%, which will ultimately result in the price reaching $1,630.
Based on his prognosis, Solana might be about to perform better in the coming weeks or months. This is because it has recently displayed a pattern called a “bull pennant”, which in technical lingo usually means the price is set for a big ascent.
The next period of stabilization, during which volatility dropped and price action became more narrow, led to the pennant shape. Martinez says that Solana’s recent break above the top trendline of this pennant is a strong sign that prices will go up. This big step forward and last week’s 20% rise show that the market’s mood has changed a lot.
#Solana $SOL has officially broken out from this bull pennant, suggesting a potential 900% rally ahead. pic.twitter.com/CWQdWGny0X
— Ali (@ali_charts) July 24, 2024
Market Situation Shows Mixed Signs
Notwithstanding the hopeful estimate, the state of the current market shows a mixed picture. Currently selling at $166, Solana shows a 9.70% drop only this week. Meanwhile, Fisher Transform, which predicts market turning moments, shows a bearish signal for Solana.
This implies that although the break from the pennant is positive, instantaneous market circumstances could not entirely support the predicted upward trajectory.
Observing that the TD Sequential indicator flashed a Sell signal on three separate timesframes for Solana, Martinez had earlier expected this retreat. He says that although the 868% increase to $1,630 is still a long-term possibility, it is not likely to happen right away.
Solana: Forecast Creates A Complex Picture
Unlike Martinez’s very optimistic view, current Coincheckup data offers Solana a more cautious estimate. Solana is selling 14% below its projected value right now, according the statistics for the next month.
With a forecast 4.37% increase over the next three months, the short-term view is still cautiously positive nonetheless. This little rise implies that the crypto is likely to hold steady even if quick rebound might be sluggish.
Looking ahead, the six-month projection shows a more significant increase of 72%, indicating great increasing momentum as the state of the market gets better. The one-year estimate also shows a 55% rise in Solana’s value, therefore highlighting a generally good long-term future.
This long-term projection fits the general pattern of increasing confidence in Solana’s adoption and development despite transient swings.
Featured image from TheStreet, chart from TradingView
Source: NewsBTC