Solana repeats bull flag ‘absolute monster run’ to $300 SOL

Despite reaching a new high of $264 on November 23, Solana (SOL) has yet to enter a period of price discovery. The altcoin has been in a clear downtrend over the past 25 days, creating a series of low highs (LHs) and low lows (LLs) in a four-hour period.

Despite SOL's bearish outlook in the short-term, the long-term charts point to an imminent rally, with several analysts calling for a new all-time high for the altcoin.

Solana's “bullish flag” fractal rally predicts $300

According to Solana's daily chart, the altcoin is repeating a fractal pattern as a bull flag from January 2024, which made a triple-digit rally in Q1 2024.

A bullish flag appeared after 30 days of a sudden event, but the current pattern took shape in the last 25 days. Additionally, other bullish controversies observed in both periods are the 50-day Exponential Moving Average (EMA) level (blue line) and the Relative Strength Index (RSI) price testing a reset below the 50 mark.

Considering that Solana is repeating a bullish fractal breakout, the altcoin's immediate target is based on the 1.618 Fibonacci extension, which is around $320. The 2.272 FIB extension remains the long-term target around $440.

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Solana is poised for an “absolute monster run,” a commentator said.

For most of Q4, Solana's price outperformed Ether (ETH) and Bitcoin (BTC), according to Glassnode. However, over the past 30 days, Ether and Bitcoin have recorded gains of 26.96% and 17.49%, respectively, while Solana has lagged behind with a return of 1.61%.

This led the crypto community to “troll-post” Solana, but Jelle, an anonymous crypto trader, said the altcoin is poised for an “absolute monster run.”

Analyst Solana is also testing the support level against Tether USDT (USDT), ETH and BTC trading pairs, further strengthening the possibility of a lightning strike.

Meanwhile, Zer0, an independent trader, rejected the fear, uncertainty and doubt on SOL, saying that the price action is a “simple displacement and retesting” of the support area of ​​the previous resistance.

However, full-time crypto investor Daan Crypto SOL emphasizes that it needs to break above $235 in the short-term to confirm the breakout structure (BOS) on the four-hour chart and establish a new uptrend for the altcoin. .

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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.