Solana (SOL) Price Action Exhibits a Pattern Similar to Its 2021 Breakout – Is A Bull Run on the Horizon?

Solana is exhibiting a price pattern reminiscent of its breakout in 2021. Ali Martinez, an analyst, highlighted this similarity in a recent post on Twitter.

Solana appears to be retracing its steps from 2021, exhibiting a price pattern that suggests a potential breakout.

Ali Martinez, an analyst, highlighted this similarity in a recent post on Medium.

Martinez pointed out that Solana’s three-day price chart shows a trajectory similar to its 2021 performance.

Moreover, the Relative Strength Index (RSI) is at a comparable level to that time.

A closer examination of the technical analysis charts provided by Martinez reveals that Solana is showing a pattern strikingly similar to its 2021 breakout.

As depicted in the first chart, SOL’s price action has formed a descending triangle, a pattern it also followed three years ago.

The breakout from this pattern led to a substantial rally in 2021, and current indicators suggest a similar potential movement.

The charts display a symmetrical triangle pattern, a bullish continuation indicator, suggesting that Solana could be gearing up for another breakout.

In 2021, after breaking out of a similar triangle pattern, Solana saw a remarkable price surge.

The historical context adds weight to the current technical setup, implying potential bullish momentum.

Adding to the bullish sentiment, global asset management firm Franklin Templeton Investments expressed a positive outlook on Solana.

The firm highlighted Solana’s role in shaping the future of the cryptocurrency industry.

In a post on Seeking Alpha on July 23, Franklin Templeton stated,

“Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward.”Solana’s Breakout Pattern Resurfaces – Is A Bull Run on the Horizon?

Solana has gained nearly 18% over the past week, indicating strong market confidence and potential for further upward movement.

On July 5th, Solana hit a low of $122, a critical support level.

Since then, it has climbed by 36% over the past 30 days, reinforcing market confidence in its growth potential.

As of July 25, SOL USD was trading at $181.49, reflecting a 5.19% increase in the past 24 hours.

The cryptocurrency boasts a robust 24-hour trading volume of $8.77 billion, underscoring substantial market activity.

Solana’s market capitalization now stands at $80.70 billion, cementing its position as a leading player in the crypto market.

The Fear & Greed Index, a measure of market sentiment, is currently at 69, suggesting that greed is prevalent among investors.

This is often seen as a bullish indicator, as high levels of greed typically accompany rising prices.

SOL experienced 21 good days out of the last 30, showcasing consistent upward momentum.

The price swing of 9.29% further emphasizes the volatility and potential gains in the short term.

Jelle, a cryptocurrency analyst, shared on Twitter that Solana is still closely following its ‘Summer 2021 Playbook’, predicting a continued upward trend with a final target of around $600.

Potential Approval Of Solana ETFs: A Bullish Catalyst?The approval of Solana ETFs could boost its market performance.

Exchange operator Cboe Global Markets filed a request with the SEC on July 8 to list exchange-traded funds tied to Solana.

The SEC has 240 calendar days to approve or deny this application, with a decision expected by March 5, 2025.

Nate Geraci, President of ETF Store, predicts that an ETF combining Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) could launch soon.

This potential approval is seen as a major bullish catalyst, simplifying the investment process and enhancing investor confidence in Solana.

The anticipated ETF launch could drive SOL prices up.

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