What Solana Weekly Chart Predicts About SOL Price
Solana (Sol) appears poised for a major breakout as its weekly chart shows a convincing bullish pattern. Although Solana hit an all-time high on November 22, Solana’s price has been consolidating over the past few days.
But if the altcoin breaks through key resistance, it could hit $300. Here’s how.
Solana has its advantages
On Solana’s weekly chart, the altcoin formed a classic bull flag pattern – a bullish indicator that signals potential further upward movement.
A bull flag consists of two rallies separated by a short period of time merge. Flagpoles form during sharp, near-vertical price surges when buyers overwhelm sellers. What follows is a retracement phase that creates parallel upper and lower trend lines similar to a flag pattern.
As shown below, SOL has broken out of this pattern, indicating that the consolidation period is over. Therefore, the uptrend is likely to continue and the coin is likely to keep rising. If this trend continues, The price of Solana could climb to Its all-time high is $264.66.
Against this bullish backdrop, Santiment’s on-chain data shows an increase in Solana’s social volume. This metric is built on social data and measures cryptocurrency-related search text Different online platform.
When it increases, it means searches for the asset increase. In most cases, this means growing demand. On the other hand, a drop in social volume indicates a drop in searches for the asset, suggesting low interest in cryptocurrencies.
Therefore, the recent rise in SOL’s social dominance suggests that if sustained, the coin may soon be trading above $236.
SOL Price Prediction: Consolidation Is Coming to an End
Meanwhile, on the daily chart, SOL price trades above Ichimoku Balance Table Cloud. Ichimoku Cloud is a technical analysis tool designed to identify support and resistance levels, momentum and trend direction in a single view.
This indicator is made up of multiple components that provide insight into potential price movements. The cloud itself represents Key support and resistance zone.
When the cloud line is above the price, it indicates resistance and indicates a possible pullback. But in this case, Solana’s price is trading above it, indicating strong support.
If it continues, then SOL could rise above all-time highs and climb towards $300. On the other hand, if it meets resistance On the Solana weekly and daily charts, the price could drop to $215.17.
Disclaimer
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