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Solana (SOL) appears to be forming a bullish pattern as the market awaits upward movement. Renowned crypto analyst Jelle has highlighted a breakout scenario for the coin. He tweeted that Solana has broken out from the reaccumulation structure.
The analyst further explained that the SOL price is now prepared to push higher. He predicted that once Solana starts this upward movement, it will then enter a mania-like phase, and the market will witness one of the biggest rallies.
He also explained that the market will be scaling out aggressively once SOL breaks above its all-time highs (ATHs). Jelle concluded his tweet by predicting that the final target of Solana will be the $600 mark. This will indeed be a major milestone for Solana.
How can Solana achieve this target?
Based on rough estimates, the SOL price will have to rally above 200% from its current levels to claim the $600 price target. While it may seem a daunting task, historic patterns suggest that it can be achieved. For instance, the Solana price has rallied around 642.79% in the past year, according to CoinMarketCap data.
Consequently, a 200% price rally does not seem a far-fetched idea, and it is likely to be achieved in the future. Meanwhile, Solana is currently trading at $182.04, after an increase of 0.83% in the last 24 hours. The price has rallied 29.16% to achieve the current levels over the last 30 days.
These price movements suggest that SOL has remained in a bullish trend, and despite the ongoing volatility in the market, it has managed to sustain it. Since it has broken out from the reaccumulation phase, as revealed by Jelle, it is likely that Solana is heading toward higher levels.
While Jelle’s Solana price prediction may sound outlandish, all these figures really support this narrative. It may take some time, but it is likely that the SOL price is now eyeing a new all-time high. Only time will reveal when and how it is going to happen.
Arman Shirinyan
Godfrey Benjamin