Solana price is on the cusp of a breakout from a bull flag setup, although the Bitcoin price has been interfering. Nevertheless, top analysts have concluded that SOL price will have one of the best bull markets this cycle, pulling the entire meme coin industry up after multiple bullish patterns emerged on its price chart. Can the SOL price reach $1200 this cycle?

Three White Soldiers Pattern Hints Bullish Reversal For Solana Price

Altcoin Archive pointed to a bullish candle formation on the Solana monthly chart, noting it as ‘rare.’ 

According to the rules of technical analysis, the Three White Soldiers candlestick formation is a bullish reversal pattern usually followed by a short-ranging period before an explosive breakout to the upside. 

Historically, Bitcoin begins the final phase of the bull run after the November elections, and investors hope this year will follow the same trend. Such an outcome would validate Altcoin Archive’s analysis.

The analyst’s prediction comes at a time when SOL price has seen a 3.7% drop over the last day and is trading at $143.03. The general crypto prices are in the red, with the total market cap down 3.5% over the last 24 hours after Bitcoin failed to hold above $64,000.

Bull Flag On The Macro To Spur SOL to $1200

Similarly, macroeconomist Seth shared his thoughts on Solana’s next direction on X. According to his macro analysis, SOL is about to lift an entire ecosystem—meme coins.  

His conclusion is derived from a famous bullish continuation pattern he spotted on the Solana daily timeframe chart. 

According to Seth’s analysis, Solana rests from a prior strong uptrend. The pullback price action has formed a bull flag, typically indicating a bullish continuation. A breakout from this market structure could send the Solana price to the $900-$1200 range.

SOL Price Analysis Hints $220 In The Short-Term

Solana price prediction shows that the asset is struggling to retest the upper boundary of the bull flag. A breakout above the upper trendline of the bull flag could lead to an explosive move upward, pushing SOL into a price discovery phase, targeting previous highs around $220. 

The RSI is at 49.23, indicating neutral momentum. For most of the recent period, it has fluctuated between the 40—60 range, suggesting that the market has not entered a strongly overbought or oversold condition. The RSI still remains above 40, which is a positive sign for bulls. 

The Chaikin Money Flow (CMF) value is relatively low at -0.06, indicating a lack of strong trend in either direction.

Solana Price Chart

The neutral RSI and low CMF indicate that SOL is in a consolidation phase. Momentum indicators suggest that a major directional move has not yet begun, and traders should wait for clearer signals, especially a breakout above key resistance levels or a breakdown of support levels.

The post Expert Analyst Predicts This Solana Price Bullish Reversal Pattern Could Send SOL to $1,200 appeared first on CoinGape.

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Filed under: News - @ October 8, 2024 10:24 am