Crypto analyst Crypto Patel has a bullish case for Solanaexplaining why it’s time to start paying attention to the crypto asset. This came as he noted that SOL has printed 8 consecutive red monthly candles for the first time in its history.
Why it’s time to pay attention to Solana
In one X messageCrypto Patel stated that Solana had just pushed 8 consecutive red monthly candles in its existence and that this is worth paying attention to. He reiterated that this has never happened and then cited the 2021 bear cycle to explain why this could be important for SOL. The analyst noted that at the time, SOL crashed to around $8 after reaching its high all-time high (ATH) from $260 in November 2021.
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Crypto Patel mentioned that the 2021 bear phase also produced 9 red monthly candles, but these were not consecutive. The 9th red candle is said to have marked the exact bottom at $8. Following the bear market bottomThen in subsequent years, SOL included a brand new ATH at almost $295.
The analyst noted that the current setup appears different and arguably stronger, with SOL forming 8 consecutive red candles, from a high of $253 to a low of $67, and now the 9th monthly red candle is forming. He said market participants will have to wait for this month’s close before confirming anything, but that history has produced a familiar map.
Crypto Patel further explained that if the 9th candle plays out like it did in the last bear cycle, it would signal a potential macro accumulation zone. He highlighted the $80 to $50 zone as the accumulation range to see if the price will drop. Meanwhile, if the fractal repeats, the analyst predicts that SOL could rise to a new ATH between $500 and $1,000.
SOL is likely to go back to $67
In one X messageCrypto analyst Jack Adams stated that he is almost certain that Solana is on track to retest between $67 and $58 before returning to between $120 and $175 this year. He also mentioned that, based on the SOL/BTC and ETH chartsthe crash should happen quickly instead of a slow bleed regarding the buy zone.
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Meanwhile, the analyst stated that the key monthly zone is within reach before the next bull cycle takes place. He made this statement based on the previous monthly fuses and the area where it was heavily rejected earlier this year. Notably, SOL has experienced one of the largest crashes the Bitcoin price prolongs his downfall.
At the time of writing, Solana’s price is trading around $70, down more than 5% in the last 24 hours, according to facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com