The cryptocurrency market witnessed low volatility on Saturday’s trading session as Bitcoin price stabilized above $65000. Along with most major altcoins, the Solana price traded sideways and showed a modest dip of 0.37% to $157. This consolidation could provide a cool-off for buyers after a three-week rally.
Solana Price Chart Pattern Signals a Potential Surge to $400
In a recent tweet, crypto influencer Cold Blooded Shiller teased a bold forecast for three major cryptocurrencies. He predicted the Bitcoin (BTC) price would reach $110,000, the Ethereum (ETH) would hit $6,000, and the Solana (SOL) price to $370.
While keeping the details for a later thread, the renowned trader has shared his super optimistic outlook for these cryptocurrencies with his 293.3 followers on X (formerly known as Twitter).
$BTC $110,000$ETH $6,000$SOL $370
Warming up the thread for later.
— Cold Blooded Shiller (@ColdBloodShill) September 27, 2024
The recovery potential for the Solana coin is further backed by the steady rise in total volume lock (TVL), currently at $5.46 Billion as per DeFiLlama. The rising TVL indicates growing confidence in the network’s decentralized applications (dApps) and DeFi projects, attracting more users and capital.
SOL Price to End Seven-Month Consolidation
In the last five weeks, the Solana price prediction showcased a V-shaped recovery from $120 to $156.9, accounting for a 30.78% jump. The rising price managed to reclaim crucial daily exponential moving averages (20, 50, 100, and 200), highlighting a positive flip in investors’ sentiment.
With sustained buying, the SOL price would surge 15% before challenging the flag pattern resistance at $180. For the past seven months, the pattern’s two converging trendlines have driven a consolidation trend for buyers to recuperate the bullish momentum.
A potential breakout from the overhead trendline will chase an initial target of $280. However, the pattern suggests an extended target range of $380 to $400, calculated by projecting the pole length from the potential breakout point.
On the contrary, if the Solana price reverts from the overhead trendline, the current consolidation would prolong.
Frequently Asked Questions (FAQs)
The current price chart pattern for Solana suggests a potential bullish breakout, with the possibility of SOL reaching a peak of $400.
The rising TVL, currently at $5.47 billion, indicates increased confidence in Solana’s DeFi ecosystem, which could further boost its price potential
The flag pattern indicates a period of consolidation. If Solana breaks above the upper trendline, it could lead to a bullish breakout, with a potential surge towards $400.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/this-solana-price-chart-pattern-forecasts-sol-could-hit-400/
✓ Share: