Even though the crypto market as a whole is down, Solana (SOL) is getting attention. Analyst WHALES_CRYPTOx has put the attention on Solana and predicted a big price rise.
WHALES_CRYPTOx says that Solana’s price has been moving all over the place lately, but it looks like it could be a good sign. On the weekly chart, the cryptocurrency has broken out of a bullish pennant shape, which is often a sign of big gains to come.
This breakout happened after Solana broke through the important support level of $120, which had been stopping its rise.
Solana Faces Market Volatility
The expert thinks that this breakout could lead to more buying pressure, setting up a new support level around $120 and showing that the market feels better about Solana. It also shows important Fibonacci retracement levels. The price is now above the 0.618 level, which suggests that it will continue to rise.
The bullish outlook is strengthened by the fact that the 50-week Exponential Moving Average (EMA) has continuously supported SOL during its consolidation. From Solana’s current price of about $143.40, WHALES_CRYPTOx wants to reach $328.60, which is the 1.618 Fibonacci extension.
Even though technical indicators are looking good, recent drops in trade metrics are cause for worry. The question still stands: Is SOL about to make a real breakthrough, or is this just a short-term interest spike?
Even though bullish signals are strong, they need to be weighed against how volatile the cryptocurrency market is in general. In the next three months, SOL price might go up by 2.72 percent, which could mean a good deal. Traders may think that the economy will grow at a rate of 81.31% over the next six months.
Even though Solana’s potential is growing, the crypto world is still split. There are investors who are eager to make money off of the unstable market and investors who are staying careful. Time will tell if SOL can reach the high price targets set by experts.
