Solana (SOL) Price Prediction: Will SOL Price Break the Bull Flag Pattern?
- WBOYOriginal
- 2024-08-26 09:21:12880browse
Solana price dipped slightly by 1.02% to $159 during the relatively calm weekend. This minor pullback suggests a brief pause for buyers to regain strength
Solana price showed a minor dip over the weekend, with a 1.02% decrease bringing the coin price to $159. However, this pullback might be a temporary pause for buyers to prepare for a stronger rally.
Meanwhile, a whale recently acquired 28,717 SOL, valued at approximately $4.56 million, and staked the entire amount. This substantial acquisition highlights the whale’s bullish outlook on Solana.
Moreover, the Total Value Locked (TVL) in Solana showed a significant bounce, rising from $3.82 to $5.4 Billion within three weeks. This growth indicates increasing participation and confidence in Solana’s DeFi ecosystem.
The rising TVL and significant whale activity have boosted the Solana price to $159, contributing to a market cap of $74.3 Billion.
Solana Price Chart Analysis: Flag Pattern Breakout Imminent
The Solana price showcased a strong swing from $138.7 to $159 within a week, registering a 15% growth. This bullish trend followed the broader market recovery as Bitcoin price rallied above $64000 on Friday.
Furthermore, the daily chart of the current recovery shows the formation of a bullish continuation pattern known as a flag. This pattern typically consists of a sharp price increase followed by a period of consolidation. In theory, this consolidation allows buyers to regain strength before the next breakout.
The price recovery above the daily Exponential Moving Averages (20, 50, 100, and 200) hints at a positive shift in market trend. Thus, with sustained buying, the SOL price could rise 18% before a major breakout from flag resistance.
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