Solana price has been on an incredible run in recent weeks, breaking above $170 to close out a positive seven-day period for the market. Interestingly, the altcoin looks like the on the verge of an even bigger movementaccording to a popular crypto analyst on the X platform.
SOL Price Could Rise 900% – Here’s How
Leading crypto analyst Ali Martinez took to the X platform to part an interesting analysis of Solana price and its future trajectory. According to the crypto expert, the token’s price could be preparing for a significant upward movement in 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. bull pendant is a technical analysis pattern and a type of continuation pattern that resembles 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 trendlines (known as the pennant). Typically, the consolidation period is followed by a breakout movement — usually in the same direction as the initial movement (known as the second flagpole).
In this chart formation, the pennant breakout movement is perhaps the most important, as it typically mirrors the length of the original flagpole. And it represents the potential direction and magnitude of price movement for the cryptocurrency is being analyzed.
A Solana weekly chart showing the formation of a bull pennant | Source: Ali_charts/X
As can be seen in the chart, Solana price seems to be on the verge of a breakout as it has been in a consolidation range since March. This was preceded by the vertical move from below $20 to around $200 between late 2023 and early 2024.
Martinez stressed that the early signs of an outbreak of the bull pendant signals a potential 900% rally in the near future. From the chart, it is worth noting the timeline for this significant Solana price move above $1000 falls between mid-July and early 2025.
Solana Price at a glance
At the time of writing, Solana’s price is trading at around $173, reflecting an increase of almost 3% over the past 24 hours. Altcoin performance looks even better on a weekly time frame, with an impressive 22% price increase over the past seven days.
According to data from CoinGecko, the SOL price has increased by over 30% in the past month. With a market cap of over $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
Main image from Pexels, chart from TradingView