Since July 19th, Solana has not had any off days. On July 25th, Solana fell 1.56% on the last day. It is currently priced at $170.46 for a final day of low prices and provides a last chance for people to buy in. After this line, SOL is going to take off to the moon. The weekly report for Solana (SOL/USD) shows a classic bull pennant pattern, which forecasts continuing optimistic trends about to come. Initially, following the tremendous volume of purchases of around $260, Solana consolidated a symmetrical triangle.
Establishing lower highs and higher lows in price over this period, this action represents guidance from investors that indicates a possible breakout. The breakout point, located roughly at $185, ran a large volume of bullish trading as its precise opposite. Located about $130 higher than the breakout point, the peak of that pole signals a target price of around $1,448.69.
This is approximately 868.18% return on the money invested. This pattern is found on a weekly chart and gives a lengthy outlook for SOL. Traders should look for the price to maintain action above the breakout level and have risk management strategies (e.g., stop-loss orders) in case the market turns sour before they cash out.
Investors have been reportedly bullish on Solana’s price action and its rising ecosystem. The bull pennant pattern indicates fundamental factors justifying its ultra-bullish sentiment, mainly due to surging NFT transactions. Solana’s blockchain is known for its fast and cheap NFT minting and trading functionalities. These high-speed transactions on Solana can go as fast as 400 milliseconds, making them much quicker than many other blockchains. This feature reduces NFTs’ minting and trading times to almost instantaneous, making payment processes as smooth for creators as their collectors.
The Solana ecosystem will continue to boom, accelerating the rise in $ SOL’s price. The consolidation phase of the bull pennant pattern is in line with stabilizing NFT transactions, showing that while the market was digesting a rapid increase in demand initially, it did not deter from long-term bullish fundamentals. The breakout from pennant over $180, supported by increased volume, reflects fresh investor confidence and has likely stemmed partially as a response to exciting developments in Solana’s ecosystem.
Further, Solana has launched the Blacklist Project to protect investors and curb rug pulls in the memecoin space on its ecosystem. New updates, like Borpa by LayerZero Labs, created a bridge connecting the first Solana project with its cross-chain infrastructure to allow for increased connectivity and utility. All the new-found traction on the Solana ecosystem has boosted investor confidence, allowing SOL prices to rally further.
