Solana's price is on a tear. It's back above $170. The market's been looking good lately. Now, a crypto analyst reckons it might go even higher.
Ali Martinez, a big name in crypto analysis, shared his thoughts on X. He thinks Solana's price could skyrocket in the coming months.
Why? It's all about the charts. Martinez spotted a bull pennant pattern on Solana's weekly chart. This pattern often signals a continuation of an upward trend.
Here's how it works. First, you see a big price jump. Then, a period of consolidation. Finally, another big move up. It's like a flag on a pole.
The key is the breakout. It usually mirrors the initial jump. This could mean big things for Solana's price.
Martinez's chart shows Solana consolidating since March. Before that, it shot up from under $20 to about $200 between late 2023 and early 2024.
Now, Martinez reckons we're seeing early signs of a breakout. He's talking about a potential 900% rally. That's huge.
The timeline for this massive move? Sometime between mid-July and early 2025. We could see Solana hit $1000.
As of now, Solana's trading at around $173. It's up 3% in the last day. Over the week, it's jumped 22%. Not too shabby.
Looking at the bigger picture, CoinGecko data shows Solana's up over 30% in the past month. It's now the fifth-largest cryptocurrency, with a market cap of $80.8 billion