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Solana (SOL) Price Hits 3-Month Peak – These 5 Analysts Expect a New Yearly High

2 mins
Updated by Ryan James
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In Brief

  • The Solana (SOL) price is in the process of breaking out from an inverse head and shoulders pattern that has been in place since February.
  • Analysts on X are predominantly bullish on Solana, noting the importance of the $27 resistance area and predicting new yearly highs.
  • Despite this bullish Solana price prediction, a daily close below the pattern's neckline will invalidate the breakout and cause a sharp drop.
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The Solana (SOL) price has increased rapidly since October 13 and is approaching its yearly high.

The price of Solana also broke out from an inverse head and shoulders pattern. How long will it continue climbing?

Analysts are Bullish on Solana

Cryptocurrency analysts on X have a predominantly bullish sentiment on Solana.

Tradermayne believes that the price will increase all the way to $40. But, his bullish analysis is conditional on a bullish weekly candle close.

Rager and DaanCrypto also noted the importance of the $38 horizontal resistance area, which coincides with the yearly high. This area has been crucial since 2021, supporting and resisting.

SOL Price Range
SOL/USDT Weekly Chart. Source: X

Finally, CryptoGodJohn believes that the SOL price will eventually reach $250 in the long term and can even go to $450 if it reaches Ethereum’s market cap.

Solana Price Forecast: Will New Yearly High be Reached?

The daily time frame shows that the SOL price has traded inside an Inverse Head and Shoulders (IH&S) pattern since February. The IH&S is considered a bullish pattern, which usually leads to breakouts.

Today, the SOL price is in the process of breaking out from the pattern’s neckline. A daily close above $26 will confirm the altcoin’s breakout.

A movement that travels the entire pattern’s height (black) will take Solana to the next resistance at $38, an increase of 50% from the current price. This would be a new yearly high with the highest price since November 2022.

SOL Price Prediction
SOL/USDT Daily Chart. Source: TradingView

Despite this bullish SOL price prediction, a daily close below the pattern’s neckline will invalidate the breakout.

In that case, a 33% drop to the right shoulder support at $18 will likely be the future price outlook.

For BeInCryptos latest crypto market analysis, click here

Top crypto platforms in the US | February 2024

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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