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Solana, among the various altcoins in the market, has been showing promising performance with slight price surges. According to a crypto analyst, there is a possibility that Solana could be gearing up for a major bull flag formation that could propel its price to new all-time highs above $1,000. Currently, Solana is trading at less than one-ninth of this projected price target of $1,400.
SOL Bull Flag Points To $1,400 Price Increase
A crypto analyst known as ‘Titan of Crypto’ has shared a bullish forecast for Solana, predicting a price surge to $1,400 in the near future.
In a detailed chart analysis of Solana’s price movements since 2023, the analyst identified a significant bull flag pattern, signaling a potential major rally in the coming weeks and months.
The analyst projected that if Solana completes this pattern without significant price declines, the altcoin could reach new all-time highs at $1,429 by 2026. However, another analyst suggested a more conservative price target of $1,000 based on the Heads and Shoulders technical indicator.
Titan of Crypto emphasized that Solana’s Fibonacci extensions currency point towards a potential move to the $1,400 price mark. While maintaining a bullish outlook, the analyst also acknowledged the possibility of a $1,000 price target for Solana.
If Solana achieves this projected price surge, its current market capitalization of $72.7 billion could potentially double, surpassing Ethereum’s market cap of $315 billion.
Solana Price Fundamentals Remain Strong
Despite market volatility and previous declines in Bitcoin’s price, Solana has been demonstrating strong price fundamentals. The altcoin is currently trading at $154.92, with an 8.59% increase over the past week and an additional 1.75% surge in the last 24 hours, indicating positive investor sentiment towards Solana.
Featured image created with Dall.E, chart from Tradingview.com