Crypto Analyst Predicts Solana Could Hit $500 – Here is Why

A crypto analyst suggests that Solana (SOL) might be replicating a pattern from three years ago, which preceded the altcoin's surge to its all-time high.

The pseudonymous analyst Inmortal, with a significant following on the social media platform X, notes that Solana is forming a series of bullish higher-low setups on the two-day chart, following a brief rise above $200 earlier this year.

The analyst points out that SOL exhibited a similar pattern in the second and third quarters of 2021, right before Solana experienced a parabolic rise from $24 to its all-time high of $259, marking a substantial 979% increase.

Time is a flat cicle.$SOL pic.twitter.com/w06SYKsvos

— Inmortal (@inmortalcrypto) July 15, 2024

Based on the trader’s chart, it appears there is a prediction that SOL will climb to a new record high of around $500.

At the time of writing, SOL is valued at $160.9 after a 3.65% surge in the past 24 hours with a trading volume of over $2.685 billion.

The 1-day technical analysis from TradingView seems rather bullish – the summary points at “buy” with 15 signals, the moving averages show “strong buy” with 13, while oscillators remain “neutral” at 7.