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.
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.
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.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.