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Solana's Bull Flag Pattern Suggests Potential Rally Amid Cautious Market Sentiment
According to Cointelegraph, Solana (SOL) is showing signs of a potential rally, with its bull flag pattern projecting a rise to $260. However, analysts are advising caution due to low spot buy volumes. Recently, Solana's price dipped from $184 to $160 but is now attempting to regain its position above the key resistance level of $180 for the second consecutive week. As Bitcoin (BTC) reaches an all-time high, market speculators are hopeful for a capital rotation that could drive major altcoins like SOL to new heights.
Solana's daily chart reveals a promising bull flag pattern following a strong uptrend. Currently trading below $180, a breakout above this level could push SOL towards an initial target of $200, with further potential to reach $220 if the momentum continues. The trend remains bullish, supported by a relative strength index (RSI) of 64.30, indicating healthy momentum without overbought conditions. However, for the rally to proceed, SOL requires a clear market structure break (MSB) or a decisive bullish breakout above $180. Declining volumes during the consolidation phase suggest caution, as insufficient buying pressure could hinder the breakout. Should SOL fail to surpass $180, the immediate focus shifts to the $140-150 range, with the bull flag pattern becoming invalid. This support range acts as a daily order block, providing higher time frame (HTF) support in the event of a price correction.
Crypto trader Robert Mercer has identified a price fractal pattern similar to October 2024, highlighting two critical zones: one from late 2024, where SOL broke past $180 after consolidation, and a current zone reflecting that setup. Mercer predicts that a breakout above $180 could trigger a sharp upward rally, akin to the late 2024 surge that saw SOL peak near $260. Similarly, technical analyst Javon Marks noted a hidden bullish divergence on Solana's 3-day chart, a pattern that previously led to a 1,332% increase in 2024. Marks suggests that if this pattern reemerges in 2025, Solana could reach a price target of $450. Popular crypto trader XO is also monitoring the situation, recommending waiting to see if Solana can convert the $180 level into support before considering a long position.
This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
Solana's daily chart reveals a promising bull flag pattern following a strong uptrend. Currently trading below $180, a breakout above this level could push SOL towards an initial target of $200, with further potential to reach $220 if the momentum continues. The trend remains bullish, supported by a relative strength index (RSI) of 64.30, indicating healthy momentum without overbought conditions. However, for the rally to proceed, SOL requires a clear market structure break (MSB) or a decisive bullish breakout above $180. Declining volumes during the consolidation phase suggest caution, as insufficient buying pressure could hinder the breakout. Should SOL fail to surpass $180, the immediate focus shifts to the $140-150 range, with the bull flag pattern becoming invalid. This support range acts as a daily order block, providing higher time frame (HTF) support in the event of a price correction.
Crypto trader Robert Mercer has identified a price fractal pattern similar to October 2024, highlighting two critical zones: one from late 2024, where SOL broke past $180 after consolidation, and a current zone reflecting that setup. Mercer predicts that a breakout above $180 could trigger a sharp upward rally, akin to the late 2024 surge that saw SOL peak near $260. Similarly, technical analyst Javon Marks noted a hidden bullish divergence on Solana's 3-day chart, a pattern that previously led to a 1,332% increase in 2024. Marks suggests that if this pattern reemerges in 2025, Solana could reach a price target of $450. Popular crypto trader XO is also monitoring the situation, recommending waiting to see if Solana can convert the $180 level into support before considering a long position.
This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
