As the market approaches the end of the month or the first half of the year, tokens, especially Solana, have shown strong momentum. The token has consistently remained above the bullish range, indicating that prices may soon receive a surge of buying volume and quickly resume a strong upward trend. Although the SOL price is about to end the weekly trade on a positive note, it is believed that the token will maintain consolidation in the coming days.
The current trading pattern indicates that since the token broke through and solidified the $144 support level, the price has been fluctuating within a very narrow range, hence bulls are accumulating gains. Now, the SOL price has been fluctuating at a high level since the start of the day’s trading, and as the bottom has been confirmed, it is believed that the token will end the monthly trade with a bullish stance. The token is consolidating and forming the previous pattern, which led to a significant rise of nearly 1000%, setting a new historical high of $260.
Will the SOL price experience a similar breakout and reach $1000?
Solana’s historical chart shows that the token is experiencing a price trend similar to that before the start of the bull market in 2021. The accumulation pattern is roughly the same, and the RSI range is also the same. Trading volume has also dropped significantly in a similar manner, sending out a huge bullish signal for the cryptocurrency. The question now is: Can it reach $1000?
Beyond the technical aspects, the chart pattern indicates that a trend breakout from the consolidation phase is imminent, but the accumulation phase is not yet complete. Therefore, it is expected that the Solana (SOL) price will maintain a triangular slump and reach a peak of around $145 after touching the mid-term high of $165. By the end of the third quarter trading, the price is expected to reach the edge and start a new bullish momentum to achieve higher targets.