Solana Skyrockets 20% in a Week – What Experts Expect

Solana (SOL) saw a significant increase, rising 21.7% in one week and 24% in the last month.

This surge has traders excited, with many expecting a big price rally due to the bullish chart pattern. Some analysts identified a pennant pattern on SOL’s 1-day chart on July 18, suggesting a potential price breakout.

This pattern, forming a triangle after a price decline, indicates a possible move in either direction. In addition, the need for close monitoring was emphasized by hinting at a potential price increase if the pennant breaks up.

🚨 #Solana $SOL HUGE PENNANT on the 1D chart!

Watch out for this price action! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9

— CryptoBusy (@CryptoBusy) July 18, 2024

Analyst InvestAnswers noted SOL’s impressive performance among major cryptocurrencies, reinforcing the bullish outlook.

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Despite this performance, trader known as “Honey” cautioned against aggressive strategies, noting that SOL has exceeded its near-term target of $160, recommending caution due to current market uncertainty.

Crypto trader Tyler Durden expects a short-term decline before a new uptrend. He identifies a resistance zone between $160 and $165 and a support zone around $150-$155. Durden suggests placing buy orders in this range, expecting a rebound to $180 triggered by buyer activity.

$SOL // H7

Looking for a little dip and for buyers to bounce it. Then I’ll bid targeting 180. pic.twitter.com/uuqwoTNIla

— Tyler (@TylerDurden) July 19, 2024