Solana Confirms Upside Breakout With Bullish Pennant – Here’s The Target
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Solana continues to showcase positive price movement, outperforming the market and surpassing Binance Coin (BNB) in market capitalization rankings. Technical analysis suggests that Solana's bullish trend is likely to persist. Renowned crypto analyst Captain Faibik forecasts a significant rally for Solana, projecting its price could soar to as high as $1,000.
According to technical analysis shared by Captain Faibik, recent price movements caused Solana to break out of a bullish pennant formation on the weekly timeframe. This pattern typically signals the continuation of an upward trend after a consolidation period.
The formation of this bullish pennant began with a strong price rally in August last year, peaking above $200 in April, followed by a consolidation phase. Solana recently surged past $185, confirming the bullish pennant breakout identified by Captain Faibik.
At the time of writing, Solana is trading at $184, marking a 7% increase over the past seven days. Captain Faibik suggested this breakout could lead to an extended rally for Solana, setting a price target of $1,000. Other crypto analysts have made similar projections amidst the bullish sentiment.
In addition to its price performance, Solana has seen a significant surge in activity since early July. The number of daily active addresses has reached a new all-time high, standing above 2 million, a 38% increase from mid-July. This increase in user activity indicates growing confidence in Solana within the crypto community.
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