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One of the standout altcoins of 2024, Solana (SOL), has recently shown promising signs of a significant price increase, potentially rising up to 900% from its current level. This bullish outlook is supported by the emergence of two important chart formations and strong fundamental indicators. According to recent data, SOL is trading at $172, reflecting an 18.11% increase from the previous week. Over the past year, Solana has shown remarkable growth, increasing in value by 583%.
Bull Flag and Double Bottom Formations
A key technical indicator of this potential rally is the formation of a “Bull Flag” on Solana’s daily and weekly charts. This formation indicates a period of consolidation followed by a significant breakout. The Bull Flag formation suggests that the asset could experience a major upward movement after a long horizontal phase. This formation is particularly strong when it appears over a long time frame, indicating that Solana may be preparing for a substantial price increase.
In addition to the Bull Flag formation, a “Double Bottom” formation has also appeared on the daily charts. This formation occurs when an asset finds strong support at a certain price level, in SOL’s case at $125. The Double Bottom formation strengthens the potential for a price increase by indicating that Solana is unlikely to fall below this support level under current market conditions.
What is the RSI Level for SOL Coin?
The Relative Strength Index (RSI) also supports the bullish trend. Currently, Solana’s RSI is at 65, which is considered to be in the bullish zone (above 60). A strong RSI often precedes significant price rallies, and if the RSI remains robust, it suggests that Solana could maintain its upward trend.
However, for the rally to fully materialize, Solana needs to overcome two critical challenges. First, the price needs to break through the resistance level at $189. If SOL fails to surpass this level, it could retreat to the $150 price point. Second, the RSI must provide support above 70. Ideally, the RSI should initially rise above 70, dip briefly, and then bounce back, indicating sustained bullish momentum.
Fundamental Indicators and Market Dynamics
Beyond technical indicators, Solana’s strong fundamentals have played a crucial role in supporting its potential price increase. The cryptocurrency has shown impressive performance in 2024, driven by high demand. This demand has also brought Solana ETFs into focus, which could significantly strengthen its market position. Although ETF approvals are expected in 2025, positive signals from regulatory bodies like the SEC could maintain the bullish trend. Solana’s memecoin ecosystem has also outperformed its peers, with notable gains from coins like Bonk and Dogwifhat.
Price analysis suggests that if the bullish trend continues, Solana could potentially exceed $1000 within the 2024-2025 timeframe. Near-term price targets include $189, $202, and the all-time high of $260.
Conversely, if the price falls, key support levels to watch are $155, $141, and $125. Given the current macroeconomic conditions, it seems unlikely that Solana will fall below $125 within 2024.
