Rally

Solana

Daily

<p>The emergence of a bullish pennant pattern on <a href="https://www.thecoinrepublic.com/2024/07/20/solana-bullish-will-it-break-past-the-170-resistance/" rel="noopener noreferrer nofollow">Solana’s</a> 1-Day charts indicates that SOL might soon enter a massive rally. Supported by strong fundamentals, SOL could soon rise 900% higher than current levels.</p>
<p>At press time, SOL exchanged hands at $172, 18.11% up from the previous week. Solana has been a high-growth cryptocurrency with a gain of 583% in the last year.</p>
<h2 class="wp-block-heading" id="h-bullish-pennant-emerges-on-solana-s-daily-charts"><strong>Bullish Pennant Emerges on Solana’s Daily Charts</strong></h2>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfE0WL1p0OBjskK7zAzlbIWt5TlwHHqZLCQTaqAuRx9c5vA_sRyBj1n5d6EfmLPufciN__UV6Fa40WlPOFgR6SgFH10Ip9dkGOkZaPe8nrLiSkN7Fn05JNjANjsoZK_OwBp_J_7C3m9OUjFilJTr5WJzGVC?key=gHvw-rohm92DDBIWHOtIXw" alt="">
 <figcaption class="wp-element-caption"><strong>Alt Text and Caption</strong> – Solana/USDT Daily Charts on Tradingview
 </figcaption>
</figure>
<p>Solana has seen the formation of a super bullish chart pattern on its daily and weekly charts. The pattern, called “Bullish Pennant,” has formed on Solana over a very wide timeframe, suggesting a long-term buildup. Usually, a long-term buildup often results in a large rally.</p>
<p>On the daily charts, yet another bullish pattern called the “Double Bottom” has formed. This pattern forms when a solid support zone for the crypto is created. In this case, the support zone is at $125, which means Solana will not go below this price level anytime soon under prevailing market conditions.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcjBgQ4Ln1jzn71SVzAhozGt8axh08Ed19_-pXpkvi50qzKQ2MRKaEDjB0ruCqc9-yNrI4g3xNyVDC_T5MzCBwH7Jv7TLYKxLYcb64ekSBXNKCNbJBnEQ3lc4M0a19VEGY_7oc0P-fEtxF3w4XkRuv5zX_5?key=gHvw-rohm92DDBIWHOtIXw" alt="">
</figure>
<p>Further, <a href="https://www.thecoinrepublic.com/2024/07/20/solana-bullish-will-it-break-past-the-170-resistance/" rel="noopener noreferrer nofollow">Solana’s RSI</a> has been very strong on both daily and weekly charts. A strong RSI is often a precursor to large rallies. In this case, the RSI was at 65 at press time, which can be considered well into bull territory (&gt;60).</p>
<p>But that’s not everything. Solana still needs to do two critical things before it can enter into a large rally.</p>
<ol class="wp-block-list">
 <li>SOL’s price needs to cross a hurdle at $189, which is its last critical resistance level. In the event of the failure of this rally, SOL’s price will go back to this level.</li>
 <li>The RSI needs to take support above 70, which means it will initially go above 70, turn down for a while, and then bounce back again after hitting 70.&nbsp;</li>
</ol>
<p>If both confirmations happen, the price uptrend will proceed further.</p>
<p>Interestingly, large rallies do not happen solely because charts are good. Solana also has a solid fundamental and on-chain performance that acts as its backbone.</p>
<h2 class="wp-block-heading" id="h-strong-fundamentals-support-explosive-price-growth"><strong>Strong Fundamentals Support Explosive Price Growth</strong></h2>
<h3 class="wp-block-heading" id="h-solana-etfs"><strong>Solana ETFs</strong></h3>
<p>The cryptocurrency has performed very strongly in 2024, which has led to strong demand from retailers. Based on this retail demand, SOL has seen <a href="https://www.thecoinrepublic.com/2024/07/10/sec-review-of-solana-etfs-could-shift-with-election-outcome/" rel="noopener noreferrer nofollow">its ETF</a> arrive much earlier than any other altcoin after Ethereum.</p>
<p>The approval of Solana ETFs will be crucial in supporting this long-term rally. Although we expect approvals only in 2025, positive commentary from the SEC will be enough to keep bulls charging.&nbsp;</p>
<h3 class="wp-block-heading" id="h-memecoin-ecosystem"><strong>Memecoin Ecosystem</strong></h3>
<p>In percentage terms, Solana memecoins have been far better gainers than their Ethereum or Base peers. Top gainers include Bonk and <a href="https://www.thecoinrepublic.com/2024/07/20/how-sustainable-is-dogwifhats-wif-current-price-surge/" rel="noopener noreferrer nofollow">dogwifhat</a>.</p>
<h3 class="wp-block-heading" id="h-highest-tvl-in-two-years"><strong>Highest TVL in Two Years</strong></h3>
<p>As per DeFi Llama, Solana currently has the highest on-chain TVL than it had in the last two years. This growth of the TVL suggests a strong on-chain performance.</p>
<h2 class="wp-block-heading" id="h-price-analysis"><strong>Price Analysis</strong></h2>
<p>We examined both weekly and daily charts. If the rally materialises phased, Solana’s price could exceed $1000 within 2024-2025. A haphazard price growth is far less sustainable.</p>
<p>On the upside, the price targets for the near term are $189, followed by $202, its highest point in 2024. The final near-term target is at $260, which was its ATH.</p>
<p>On the downside, if the price breaks down, SOL could fall first to $155, then $141, and then $125, its strongest support zone. Under current macro and micro-economic conditions, we do not see a downside below $125 in 2024.</p>
<p>Finally, we stress on the fact that the rally could only take Solana’s price above $900 if both chart patterns continue and Solana sees some positive affirmations on its ETF from the SEC.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/22/solana-to-rally-900-as-two-bullish-patterns-emerge-on-charts/" rel="noopener noreferrer nofollow">Solana To Rally 900% As Two Bullish Patterns Emerge On Charts</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Solana To Rally 900% As Two Bullish Patterns Emerge On Charts

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