SOL Price Predicted to Soar Beyond $150, Here the Technical Basis
Renowned analysts at X foresee a potential surge in the price of Solana (SOL), surpassing the psychological point of $100 and venturing far north.
Careful analysts and market observers have closely intertwined with this digital asset after it successfully broke out of a significant chart pattern, sparking speculation that its price could reach around $150 to $165 per coin.
Bullish Momentum for SOL Price
Well-known crypto analyst, Ali Martinez, highlights the possibility of a 47 percent price increase for Solana if it manages to sustain a close above the $106 level.
This breakout is associated with a bullish flag pattern on its four-hour chart, indicating that despite rapid price increases, the asset maintains strong market sentiment, with continuous demand from buyers. After this pattern, a brief consolidation or pullback often precedes another price increase.
#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $SOL toward the $150 - $165 price range. pic.twitter.com/VmbA9L4QuL
— Ali (@ali_charts) January 11, 2024
In the last 12 months, Solana has experienced remarkable growth, with a price surge of over 480 percent. This increase is seen as a recovery from the impact of the crypto exchange FTX's turmoil, where its Founder, Sam Bankman-Fried, faced legal issues.
Despite its association with FTX, the Solana ecosystem is rapidly expanding, marked by the success of its Saga smartphone. The recent sales of previously less popular devices were boosted by a 30 million BONK token airdrop for each new phone owner.
Analysts predict further upward momentum for SOL. A leading crypto strategist, known for accurately predicting the bottom of the Bitcoin market in 2018, is launching a significant move for Solana in the near future.
This optimistic sentiment is driven by the growing adoption and resilience of digital assets in the market.
Included in HKVAC Index
On the other hand, a significant development for Solana occurred on January 12, 2024, when the Hong Kong Virtual Asset Classification (HKVAC) announced crucial changes to its core crypto index.
The widely recognized HKVAC index, as a benchmark in the crypto sector, periodically reviews and adjusts its composition to accurately reflect the current market landscape.
According to Daily Coin reports, starting January 19, 2024, Solana (SOL) will occupy a position in the HKVAC Top 5, showcasing its evolving performance and acceptance in the crypto market. This inclusion serves as evidence of Solana's recognized performance and potential by a leading index in the industry.
Simultaneously, Ripple (XRP) is removed from the index, impacting the market dynamics for both assets.
