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BTC
$93,987
0.43%
ETH
$3,382.56
3.30%
BNB
$690.55
5.55%
USDT
$0.9984
0.04%
XRP
$2.23
3.56%
SOL
$188.07
4.99%
DOGE
$0.3186
2.86%
USDC
$1.00
0.01%
ADA
$0.9062
3.26%
STETH
$3,382.97
3.54%
TRX
$0.2512
2.62%
WBTC
$98,328.58
1.51%
AVAX
$38.12
4.83%
LINK
$23.91
7.16%
TON
$5.56
3.93%
SHIB
$0.0000222
3.73%
DOT
$7.25
6.46%
BCH
$455.26
3.41%
LEO
$9.40
0.65%
NEAR
$5.34
6.10%
BTC
$93,987
0.43%
ETH
$3,382.56
3.30%
BNB
$690.55
5.55%
USDT
$0.9984
0.04%
XRP
$2.23
3.56%
SOL
$188.07
4.99%
DOGE
$0.3186
2.86%
USDC
$1.00
0.01%
ADA
$0.9062
3.26%
STETH
$3,382.97
3.54%
TRX
$0.2512
2.62%
WBTC
$98,328.58
1.51%
AVAX
$38.12
4.83%
LINK
$23.91
7.16%
TON
$5.56
3.93%
SHIB
$0.0000222
3.73%
DOT
$7.25
6.46%
BCH
$455.26
3.41%
LEO
$9.40
0.65%
NEAR
$5.34
6.10%
BTC
$93,987
0.43%
ETH
$3,382.56
3.30%
BNB
$690.55
5.55%
USDT
$0.9984
0.04%
XRP
$2.23
3.56%
SOL
$188.07
4.99%
DOGE
$0.3186
2.86%
USDC
$1.00
0.01%
ADA
$0.9062
3.26%
STETH
$3,382.97
3.54%
TRX
$0.2512
2.62%
WBTC
$98,328.58
1.51%
AVAX
$38.12
4.83%
LINK
$23.91
7.16%
TON
$5.56
3.93%
SHIB
$0.0000222
3.73%
DOT
$7.25
6.46%
BCH
$455.26
3.41%
LEO
$9.40
0.65%
NEAR
$5.34
6.10%
BTC
$93,987
0.43%
ETH
$3,382.56
3.30%
BNB
$690.55
5.55%
USDT
$0.9984
0.04%
XRP
$2.23
3.56%
SOL
$188.07
4.99%
DOGE
$0.3186
2.86%
USDC
$1.00
0.01%
ADA
$0.9062
3.26%
STETH
$3,382.97
3.54%
TRX
$0.2512
2.62%
WBTC
$98,328.58
1.51%
AVAX
$38.12
4.83%
LINK
$23.91
7.16%
TON
$5.56
3.93%
SHIB
$0.0000222
3.73%
DOT
$7.25
6.46%
BCH
$455.26
3.41%
LEO
$9.40
0.65%
NEAR
$5.34
6.10%
USD

Ad
Biraajmaan Tamuly
Dec 17, 2024


SOLANA REPEAT BULL FLAG HINTS AT ‘ABSOLUTE MONSTER RUN’ TO $300 SOL

Solana fights bearish headwinds, but a historical chart pattern points to a
possible rally to $300 in the near future.

6155 Total views
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Market Analysis
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Despite reaching a new all-time high at $264 on Nov. 23, Solana SOL $188.07 has
yet to enter a price discovery period. The altcoin has been in a clear downtrend
over the past 25 days, forming a series of lower highs (LHs) and lower lows
(LLs) in the four-hour time frame.

Solana 4-hour chart. Source: Cointelegraph/TradingView

Even with SOL’s bearish outlook in the short term, its long-term charts indicate
an imminent rally, with multiple analysts calling for the altcoin’s new all-time
high.


SOLANA’S “BULLISH FLAG” FRACTAL PREDICTS RALLY TO $300

As illustrated in Solana’s daily chart, the altcoin is repeating a fractal
pattern as a bull flag from January 2024, which led to a triple-digit rally in
Q1 2024.

SOL/USD bull flag fractal, January 2024 and December 2024. Source:
Cointelegraph/TradingView


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The bull flag witnessed a breakout after 30 days, whereas the current pattern
has taken shape over the past 25 days. Additionally, other bullish confluences
that have been observed in both periods are the price retest of the 50-day
exponential moving average (EMA) level (blue line) and the relative strength
index (RSI) resetting under the 50 mark.

Considering Solana repeats a bullish fractal breakout, the altcoin’s immediate
target is based on the 1.618 Fibonacci extension, which is around the $320
range. A long-term target of 2.272 FIB extension remains around $440.

Related: Price analysis 12/16: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA,
AVAX


SOLANA IS READY FOR AN “ABSOLUTE MONSTER RUN,” SAYS ANALYST

For the majority of Q4, Solana’s price outpaced both Ether ETH $3,382.56 and
Bitcoin BTC $93,987 , according to Glassnode. However, over the past 30 days,
Ether and Bitcoin have registered an uptick of 26.96% and 17.49%, respectively,
whereas Solana has significantly lagged with a 1.61% return.

This has led the crypto community to “troll-posting” on Solana, but Jelle, an
anonymous crypto trader, said that the altcoin is preparing for an “absolute
monster run.”

SOL/BTC, SOL/ETH, and SOL/USD pairs are testing support. Source: Jelle/X

Additionally, the analyst said that Solana is testing its support levels against
Tether’s USDt USDT $0.9984 , ETH and BTC trading pairs, further strengthening
the possibility of a bounce.

Solana daily chart analysis. Source: Zer0/X

Meanwhile, Zer0, an independent trader, dismissed the fear, uncertainty and
doubt against SOL, saying its price action was a “simple breakout and retest” of
the previous resistance turned support range.

However, Daan Crypto, a full-time crypto investor, emphasized that SOL needs to
break above $235 in the short term to confirm a bullish break of structure (BOS)
in the four-hour chart and establish a new higher high trend for the altcoin.

Related: Crypto ‘eating TradFi’s lunch’ as $5.75B Coinbase revenue beats Nasdaq

Explore more articles like this

Subscribe to the Markets Outlook newsletter

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This article does not contain investment advice or recommendations. Every
investment and trading move involves risk, and readers should conduct their own
research when making a decision.


 * #Altcoin
 * #Markets
 * #Market Analysis
 * #Altcoin Watch
 * #Solana


7 3 2 2 2 1 1
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 * Price analysis 12/23: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX

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