Solana could surge over 5X and hit $1000 in the long run. Per analysts Ali Martinez, the projection will begin if the weekly pennant breaks.
Short-term price action seems uncertain as the market awaits the US spot ETH ETFs.reclaimed $150 and climbed higher, posting 17% based on the press time value of $173. The trend followed a broader market relief recovery., a prominent crypto analyst.
‘Solana is eyeing $1,000! Early signs of a breakout from a bull pennant suggest a potential 900% rally ahead.’Ali’s argument was based on technical analysis, particularly the bullish pennant pattern formed on SOL’s weekly chart. The pattern is a typical bullish continuation trend. In most cases, it ends up in a breakout equivalent to the flagpole. For SOL, that meant a possibility of hitting the $1000 level in the long term.However, in the short term, SOL must mount above $200 to push forward. Daniel Cheung of Syncracy Capital, like most‘Have a feeling $SOL is going to lead the run for broader crypto markets again on this next leg. August is setting up for a giga bull candle, and we likely see $200+ by end of July.
The short-term rally and possible further upside were supported by a recent surge of active addresses to a two-monthly high above 2 million users.However, price chart technical indicators revealed that the rally could stall in the short term. In fact, CryptoQuantThis suggested a bearish reversal couldn’t be overruled.
Meanwhile, the $166 and $176 price levels were key targets to watch out for next week, given the significant liquidity clusters located at each level.
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