As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market predictions and chart patterns. However, the recent Solana price forecast I’ve come across has piqued my interest. The potential for Solana to surge from its current price of around $157 to an astounding $400 as per Cold Blooded Shiller’s prediction is quite intriguing.
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.
Without delving into specifics just yet, the esteemed trader recently expressed an exceptionally positive perspective towards certain cryptocurrencies to his 293.3 fans on social media platform X. [Previously 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
Over the past five weeks, the Solana price forecast demonstrated a strong rebound following a V-shaped pattern, climbing from $120 to $156.9. This surge represents an impressive increase of approximately 30.78%. The price rise successfully regained key daily exponential moving averages (EMAs), including the 20, 50, 100, and 200 EMAs, indicating a noticeable improvement in investor sentiment toward Solana.
If purchasing pressure continues, the Solana (SOL) price could rise by 15%, potentially encountering resistance at the $180 flag pattern level. Over the past seven months, this pattern’s converging trendlines have facilitated a consolidation phase for buyers to regain bullish momentum.
If the price breaks out from the current trendline, it might first reach a goal of around $280. But, the chart formation indicates a broader potential target range between $380 and $400. This extended target is derived by extending the length of the pole (the vertical distance) from the possible breakout point.
If the Solana price moves downward instead of following the upward trendline, the current period of holding steady might continue for longer.
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2024-09-28 16:02