Solana’s price grew nice in the past weeks, rising above $170, bringing a positive trend. A popular crypto analyst on the X platform predicts an even bigger increase for the altcoin.
900% incoming
Ali Martinez, a well-known crypto analyst, shared an analysis on the X platform about Solana’s future price movement, and told he believes that Solana’s price will see a giant rise in the next few months.
This prediction is based on Solana’s current price action and the formation of a bull pennant on its weekly chart.
A bull pennant is a technical analysis pattern that resembles a flag on a pole. It starts with a vertical price rise, known as the flagpole, followed by a consolidation period with converging trend lines, forming the actual pennant.
This consolidation usually leads to a breakout in the same direction as the initial movement, which is called the second flagpole.
In Solana’s case, the breakout from this pennant could mirror the length of the initial flagpole, suggesting a quite significant upside movement.
And now Martinez thinks this breakout is a pure signal for a 900% rally, which will pushing Solana’s price above $1,000 between mid-July and early 2025. Pretty bold prediction, that’s sure.
Steady climbing
Right now Solana is priced around $173, which is nearly a 3% increase in the last 24 hours.
Over the past week, the altcoin jumped by 22%, and in the last month, its price risen by more than 30%. With a market cap exceeding $80.8 billion, Solana is the fifth-largest cryptocurrency in the market.
This brave, but also likely price prediction hints the potential for a strong uptrend for Solana, driven by technical chart patterns, thus, traders’ beliefs.
If the bull pennant formation holds, it could attract much more investors and boost market confidence in Solana big time. We’ll see.
What if
If Solana reaches the predicted price levels, it will reshape the whole cryptocurrency market dynamics, positioning Solana as a major player, maybe bigger than now.
When other cryptocurrencies also grow, then everything will remain the same. But if not, solana will dominate the alts.
The point is, this kind of rally can also influence other altcoins, leading to a broader market impact, so it’s very unlikely only Solana will grow.
Historically, similar chart patterns have led to bigger price movements in many cryptocurrencies.
If Solana follows this trend, it will validate Martinez’s analysis and ensure the bull pennant as a reliable indicator for future price predictions.
