30s Summary

Solana (SOL) reached a new record of $264 on 23rd November but has been trending downward. Despite this, analysts believe a rally may be imminent due to a “bullish flag” pattern similar to one from early 2024. Comparatively, Solana’s price has been outpacing Ethereum and Bitcoin, despite slower growth this past month. Expert traders think Solana may be on the verge of a “monster run”, with others dismissing negativity around its price. Solana has to cross over $235 to confirm a bullish trend and establish a new uptrend. Always consider independent research before investing.

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Even though Solana (SOL) hit a new record at $264 on Nov. 23, it hasn’t settled into a stable price range yet. Over the last 25 days, it’s been trending downwards with a pattern of lower peaks and lower troughs.

Don’t get too down about that though, because analysts are pointing out that in the big picture, Solana may be headed for a rally.

One telling pattern is the “bullish flag” – a pattern from early 2024 that foreshadowed a triple-digit rally. A similar pattern has been forming over the past month, and in the scenario where it breaks out in a similar way, Solana’s target price could hit around $320, with a long-term prediction around the $440 mark.

In the past quarter, Solana’s price has been rapidly overtaking Ethereum and Bitcoin, according to data analytics platform Glassnode. However, in the past month, Ethereum and Bitcoin have picked up steam with 26.96% and 17.49% increase, respectively, while Solana has remained slow with just a 1.61% increase.

But not everyone’s given up hope on Solana. Crypto trader “Jelle” sees potential for Solana to make a “monster run”. He’s noticed that Solana is testing its support levels, something which usually indicates an upcoming bounce.

Meanwhile, “Zer0”, another trader, dismisses the negativity around Solana’s price, saying its current state is just a “simple breakout and retest” of its past resistance turned support range.

Finally, “Daan Crypto”, a pro crypto investor, noted that Solana needs to rise above $235 soon if it’s to confirm a bullish trend and establish a new uptrend.

Please remember that this isn’t investment advice! Always do your own research when it comes to your money.