Solana
Will Solana (SOL) Price Hit $1,000 in Next Bull Run?
As markets head towards the end of the month or first half of the year, tokens, especially Solana, are showing acute strength. The token has held above the bullish range, suggesting that the price may soon receive a significant influx of buying volume, restarting a strong uptrend very soon. SOL Price is about to close the weekly trade on a positive note, the token is expected to remain consolidated for a few more days.
The current trade setup suggests that the bulls are accumulating gains as the price has been ranging in a very tight range since the token broke out and secured support at $144. Now that the SOL price has been trading high since the start of the day, the token is expected to close the monthly trade on a bullish note as the price has already confirmed the lows. The token is consolidating and forming a previous pattern, which led to a gigantic surge of almost 1,000% to mark the ATH at $260.
Will SOL price experience a similar breakout and reach $1,000?
The historical chart of Solana indicates that the token is undergoing a similar price action as it did just before the start of the 2021 bull run. The accumulation pattern is more or less the same and the RSI is also moving in an identical manner. The volume has also been reduced in a very similar manner, which is sending huge bullish signals for the crypto. The question now is, will it reach $1,000?
Aside from the technicals, chart patterns suggest that an exit from consolidation is imminent, but the accumulation phase is not yet complete. Therefore, Solana (SOL) price is expected to maintain slow behavior with the triangle and peak at around $145 after reaching intermediate highs at $165. By the end of the third quarter trading, the price is expected to reach the edge and initiate a new bullish streak to reach the higher targets.