Solana recently caught the attention of market participants with a notable increase to $175, stunning investors and analysts. Solana is currently up 40% from this month’s low of $123. The cryptocurrency’s strong upward momentum has revived optimism among traders and investors, who are now eagerly awaiting a potential break above $200 in the coming week.
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Traders have also noticed the formation of a bullish pennant formation on the SOL price chart, reaffirming expectations for a $200 SOL price. This pattern is typically viewed as a continuation signal, indicating that the current uptrend is continuing can continue to exist into the coming week.
Increasing speculation that SOL will rise above $200
According to data from Santiment, Solana has seen an impressive breakout, rising 33% since July 4. Interestingly, the on-chain tracker found that despite this significant price increase, there was still a remarkable amount of negativity around Solana among some traders. This continued skepticism created a Fear of Missing Out (FOMO) among the majority of investors, which in turn fueled the upward momentum of the Solana price. The price increase means that the Solana faithful, who have held firm despite last month’s prolonged decline, have largely been rewarded for their patience.
š The Solana faithful have been rewarded for their patience as prices have broken out +33% since July 4. The climb is fueled by doubt among the public towards SOL. Until FOMO replaces FUD, $200 SOL will soon be very feasible. pic.twitter.com/hLpf8qZVqb
ā Santiment (@santimentfeed) July 19, 2024
Analysts at Santiment are optimistic about Solana’s future, predicting that the current price increase will continue and possibly push SOL above $200 again. At the time of writing, Solana is trading at $171, which means an additional 17% increase is needed to reach the expected $200 level.
āUntil FOMO replaces FUD, $200 SOL will soon be very feasible,ā Santiment said.
This projection of continued growth is based on recent market trends and the general bullish sentiment that has built up around Solana. Investors and traders are keeping a close eye on whether Solana can maintain the momentum and reach the $200 target.
SOL Technical Analysis
Technical analysis of SOL price also suggests a bullish breakout above USD 200. According to crypto analyst CryptoBusy, Solana is now forming a pennant formation on the daily candlestick chart. The chart shows that Solana has been exhibiting a pattern of lower highs and higher lows since March 2024, creating a tightening margin and putting pressure on price corrections.
This consolidation phase typically sets the stage for a breakout, with CryptoBusy suggesting a price target of around $210 if Solana makes a positive breakout.
šØ #Solana $SOL HUGE WINDOW on the 1D map!
Pay attention to this price promotion! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9
ā CryptoBusy (@CryptoBusy) July 18, 2024
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On the other hand, crypto analyst Ali Marinez believes the pennant flag is preparing Solana for one potential rally of 900% up to $1,800. Such a huge increase, while speculative, underlines the bullish sentiment and current FOMO surrounding Solana within the crypto community.
#Solana looking at $1,000! The first signs of a breakout from the bull pennant indicate a possible 900% rally. pic.twitter.com/DuFJF4h9dX
ā Ali (@ali_charts) July 20, 2024
Featured image of Mudrex, chart from TradingView