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This Solana Price Chart Pattern Forecasts SOL Could Hit $400 – Crypto News

Published

1 year ago

September 28, 2024

Dripp

The cryptocurrency market witnessed low volatility on Saturday’s trading session as Bitcoin price stabilized above $65000. Along with most major altcoins, the Solana price traded sideways and showed a modest dip of 0.37% to $157. This consolidation could provide a cool-off for buyers after a three-week rally.

Solana Price Chart Pattern Signals a Potential Surge to $400

In a recent tweet, crypto influencer Cold Blooded Shiller teased a bold forecast for three major cryptocurrencies. He predicted the Bitcoin (BTC) price would reach $110,000, the Ethereum (ETH) would hit $6,000, and the Solana (SOL) price to $370.

While keeping the details for a later thread, the renowned trader has shared his super optimistic outlook for these cryptocurrencies with his 293.3 followers on X (formerly known as Twitter).

$BTC $110,000$ETH $6,000$SOL $370

Warming up the thread for later.

— Cold Blooded Shiller (@ColdBloodShill) September 27, 2024

The recovery potential for the Solana coin is further backed by the steady rise in total volume lock (TVL), currently at $5.46 Billion as per DeFiLlama. The rising TVL indicates growing confidence in the network’s decentralized applications (dApps) and DeFi projects, attracting more users and capital.

SOL Price to End Seven-Month Consolidation

In the last five weeks, the Solana price prediction showcased a V-shaped recovery from $120 to $156.9, accounting for a 30.78% jump. The rising price managed to reclaim crucial daily exponential moving averages (20, 50, 100, and 200), highlighting a positive flip in investors’ sentiment.

With sustained buying, the SOL price would surge 15% before challenging the flag pattern resistance at $180. For the past seven months, the pattern’s two converging trendlines have driven a consolidation trend for buyers to recuperate the bullish momentum.

A potential breakout from the overhead trendline will chase an initial target of $280. However, the pattern suggests an extended target range of $380 to $400, calculated by projecting the pole length from the potential breakout point.

On the contrary, if the Solana price reverts from the overhead trendline, the current consolidation would prolong.

Frequently Asked Questions (FAQs)

The current price chart pattern for Solana suggests a potential bullish breakout, with the possibility of SOL reaching a peak of $400.

The rising TVL, currently at $5.47 billion, indicates increased confidence in Solana’s DeFi ecosystem, which could further boost its price potential

The flag pattern indicates a period of consolidation. If Solana breaks above the upper trendline, it could lead to a bullish breakout, with a potential surge towards $400.

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