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.

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