Solana (SOL) analysts Seth (@seth_fin) and Nology3000 (@nology3000) have shared insights and technical about. Their analyses suggest that SOL could have a major rally soon.
Seth’s analysis shows a potential Bull Flag formation, which indicates that SOL is on the verge of a bullish breakout. According to Seth, the price of SOL at the time of the post was around $145.35, reflecting a recent drop of -8.29%.
He notes that SOL has experienced a clear uptrend since mid-2023, followed by a consolidation phase. The Bull Flag pattern, characterized by a sharp rise (flagpole) followed by a narrow price range (the flag), suggests that once SOL breaks above the flag’s upper boundary, it may continue its upward trajectory.
The chart indicates a predicted breakout that could propel SOL higher, reinforcing Seth’s assertion that the “death of the bears” is imminent. He also believes Solana’s price will outperform again if the breakout occurs.
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Show more +Show less – Solana Price Target
On the other hand, Nology3000’s chart analysis employs Elliott Wave Theory to project SOL’s price movements. He identifies that SOL has completed Wave 1 of a larger impulse wave sequence and anticipates the formation of a “nested 1-2” structure.
This pattern suggests a small rally followed by a minor correction, setting the stage for further bullish movement. Nology3000 outlines critical price targets, indicating that SOL must break through the $180-$190 resistance zones to maintain momentum.
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#Solana Referencing my post back from Sep 11 here. Remember how bearish every one was? In this post I said that max potential for $SOL was ~$690. With that said I want to see $SOL's next move be something like this. Current read is that we've finished a wave one.… https://t.co/IV7RpnOEqE pic.twitter.com/PMskjbwayn
— Nology (@nology3000) October 6, 2024
He mentions a speculative target of $690, contingent upon specific price movements aligning with his analysis. However, he warns that if SOL fails to form the necessary wave structures, this lofty target may become unrealistic.
Both analysts present a bullish outlook for Solana, though they emphasize the importance of specific technical patterns and price movements.
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