- Analyst Inmortal predicts Solana could repeat its past bullish pattern, potentially rising to $500.
- Possible ETF approvals and bullish technical patterns suggest significant future growth for Solana.
In a recent post on X, Pseudonymous analyst Inmortal said that Solana (SOL) might be forming a bullish pattern. The cryptocurrency surged past $200 and now forms higher-low patterns on the two-day chart. Earlier this year, Solana briefly soared above $200.
Inmortal noted that this behavior is similar to the one observed in the second and third quarters of 2021. In that period, Solana rose from $24 to its all-time high of $259, which is more than 979% growth.
Inmortal pointed out that market trends are cyclical and may be experiencing a repeat of the past. ”Time is a flat circle,” he said, noting that another major price spike could be on the horizon. According to the analyst’s chart, Solana may possibly surge to a new all-time high of $500. The positive outlook stems from past trends and present signs of further growth in the market.
Solana’s Price and Trading Volume Show an Upward Trend
As of this writing, Solana’s price has seen a notable 5% rise in the past 24 hours, trading at $162, reflecting overall market growth. This brings Solana’s total growth to 12.43% since last week, aligning with gains observed in other major altcoins
This recent rally helped recoup some of the previous week’s losses, bringing the monthly performance to 7.75%. Trader interest in Solana has also increased, with trading volume up 38.17% to $2.79 billion over the past day.
Additionally, NoLimit_777 a pseudo crypto analyst, forecasts that Solana may reach a new ATH soon. Noting the development of a large cup and handle pattern, the analyst compares the current situation to 2021, when the Solana price topped $250. Fibonacci extension analysis indicates that Solana could trade between $550 and $840, which will be a 450% rise from the current price.
Upcoming ETF Decisions Could Catalyze Solana’s Growth
Based on technical analysis, Solana has a high possibility of rising; however, sustainable growth depends on fundamental factors. One possible trigger could be the approval of Solana ETFs. This comes after the anticipation of Spot Ethereum ETFs, which analysts expect can take the price of Ethereum to $5,000.
As noted in our earlier post, the approval of Solana ETF may result in significant returns with analysts estimating an uptick of up to 900%. SEC is expected to decide on Solana ETFs around mid-March 2025 after the CBOE submitted two applications to list VanEck and 21Shares’ proposed ETFs.
Additionally, Solana is also showing the first signs of entering a bull market, as pointed out by the crypto analyst Ali Martinez. According to Martinez, the SOL price is currently in the process of creating a W pattern, which is a bullish pattern also known as the double bottom pattern. This pattern shows that the coin has bottomed out two times at the same price level which could mean that traders should buy the dips.
#Solana appears to be forming a W pattern, which suggests $SOL will surge toward $174! pic.twitter.com/OxXODWi1yA
— Ali (@ali_charts) July 15, 2024
The W pattern indicates that a coin is going to experience a major recovery after testing the lowest point. In Solana’s case, this pattern reveals that its price has bottomed around the $123 level twice.
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