Solana’s price has been consolidating after a recent surge, but a bullish breakout from a flag pattern could signal a significant rally to $400.
Solana Price Analysis
Despite a slight dip of 0.37% to $157 on Saturday, Solana’s price remains in a bullish uptrend. The recent consolidation could provide a breather for buyers after a three-week rally.
Crypto influencer Cold Blooded Shiller has made a bold prediction for Solana, forecasting a price of $370. This optimistic outlook is supported by the growing total value locked (TVL) on the Solana network, currently at $5.46 billion. The rising TVL indicates increasing confidence in Solana’s decentralized applications (dApps) and DeFi projects, attracting more users and capital.
Flag Pattern Breakout Potential
Solana’s price has formed a flag pattern over the past seven months, indicating a period of consolidation after a sharp price increase. A breakout from the overhead trendline of this pattern could trigger a significant rally.
If Solana’s price breaks above the flag pattern resistance at $180, the initial target would be $280. However, the pattern suggests an extended target range of $380 to $400, calculated by projecting the pole length from the potential breakout point.
While Solana’s price has experienced a temporary pullback, the bullish outlook remains strong. A successful breakout from the flag pattern could lead to a substantial price increase. Investors should closely monitor Solana’s price action and technical indicators for signs of a potential breakout.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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