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 been holding above the bullish range, indicating that there may soon be a surge in buying volume, leading to a strong upward trend. Despite the positive end to weekly trading, it is believed that the token will consolidate in the coming days.
The current trading pattern indicates that the price has been fluctuating within a very narrow range since breaking and stabilizing above the $144 support level, allowing bulls to accumulate gains. With the price fluctuating at the high since the start of the day and confirming the bottom, it is believed that the token will end the month’s trading on a bullish note. The token is consolidating and forming a pattern that has led to a significant increase of nearly 1000%, reaching a historical high of $260.
Will the SOL price experience a similar breakthrough and reach $1000?
Solana’s historical charts indicate that the token is undergoing a similar price trend to the start of the 2021 bull market. The accumulation pattern is roughly the same, as is the RSI range. Trading volume has also decreased significantly in a similar manner, signaling a strong bullish signal for the cryptocurrency. The question now is: can it reach $1000?
In addition to the technical aspects, chart patterns indicate that the trend of breaking the consolidation phase is about to occur, but the accumulation phase is not yet complete. Therefore, it is expected that the Solana (SOL) price will remain in a triangular consolidation and reach a peak of around $145 after touching the mid-term high of $165. By the end of the third quarter of trading, the price is expected to reach the edge and start a new bullish trend towards higher targets.
