The Solana weekly chart shows a bullish flag, indicating a potential price rise to $1,380 supported by robust development activity and an optimistic outlook.
According a to recent analysis by Ali Martinez, the weekly chart of Solana (SOL) against the US dollar displays a bull flag pattern. This pattern, which is often a continuation signal, suggests that there may be even more upward movement ahead.
The flagpole and the flag are the two primary components that define the bull flag pattern. While the flag reflects a period of consolidation during which the price moves within a limited range, the flagpole reflects a powerful upward surge. In Solana’s example, the consolidation phase comes when the flagpole rises from $20 to $200.
The chart’s time frame is late 2023–mid 2024. A black line extending from the top of the flag indicates a potential breakout spot. If Solana breaks over the top threshold of the flag, it might herald a fresh upward trend, potentially hitting $1,400.
The cryptocurrency sector thinks this is workable
Following the latest investigation, the cryptocurrency community has expressed a variety of viewpoints about Solana’s (SOL) potential. One commentator pointed out that although there were a lot of buzzes about the bull flag before it formed, many traders were scared when it formed.
Another individual predicted a substantial increase, citing a potential tenfold return and doubting Solana’s performance compared to the whole market and total market value.
Some community members presented different technical analyses. One market observer pointed out that instead of showing a bull flag, their most recent chart showed a symmetrical triangle.
Bullish Outlook Supported by On-Chain Metrics
Recent sentiment data support this optimistic outlook. Solana’s price has fluctuated, showing periods of consolidation between notable increases. Notably, peaks in development activity often come after or before price increases.
For example, the price increase coincides with the peak of development activity between mid-February and mid-April. Notably, SOL’s pricing and development activity are trending upwards at this time, indicating that further growth may be possible.
Source: Santiment
It is also worth noting that increased social volume is often associated with higher prices. As shown in the sentiment figure, strong social volume in mid-March and early May corresponded to rising prices.
Finally, peaks of positive mood typically precede price increases. High levels of optimism in late January and early April corresponded with price increases, which confirm the bullish picture when these indicators rise again.
