The Solana price has been on an incredible run in recent weeks, returning above $170 to close what has been a positive seven-day period for the market. Interestingly, the altcoin appears to be on the verge of an even bigger move, according to a popular crypto analyst on the X platform.
Prominent crypto analyst Ali Martinez took to the X platform to share an interesting analysis of the Solana price and its future trajectory. According to the crypto pundit, the token’s price could be gearing for significant upward movement over the next few months.
This bullish projection is based on Solana’s price action and the formation of a bull pennant on the cryptocurrency’s weekly chart. A bull pendant is a technical analysis pattern and a type of continuation pattern that looks like a flag on a pole.
Similar to a bull flag, the bull pennant features a vertical price movement (known as the first flagpole) followed by a consolidation period with converging trend lines (known as the pennant). Usually, the consolidation period is followed by a breakout movement — typically in the same direction as the initial movement (known as the second flagpole).
In this chart formation, the breakout movement from the pennant is perhaps the most important, as it typically mirrors the length of the initial flagpole. And it represents the potential direction and magnitude of price movement for the cryptocurrency being analyzed.
A Solana weekly chart showing the formation of a bull pennant | Source: Ali_charts/X
As shown in the chart, the Solana price seems to be on the cusp of a breakout, having been within a consolidation range since March. This was preceded by the vertical move from beneath $20 to about $200 between the end of 2023 and the start of 2024.
Martinez highlighted that the early signs of a breakout from the bull pendant signal a potential 900% rally in the near future. From the chart, it is worth noting the timeline for this significant Solana price move to above $1000 falls between mid-July and early 2025.
As of this writing, the price of Solana stands at around $173, reflecting an almost 3% increase in the last 24 hours. The altcoin’s performance looks even better on the weekly timeframe, with an impressive 22% price jump in the past seven days.
According to data from CoinGecko, the SOL price is up by more than 30% in the past month. With a market capitalization of more than $80.8 billion, Solana is the fifth-largest cryptocurrency in the digital asset sector.
Solana price approaches $180 mark on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
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