Solana is a fast-growing blockchain platform known for its high throughput and low transaction costs. Launched in 2020, it aims to provide a scalable solution for dApps and DeFi projects.
Recently, Solana has broken through an important price barrier, with the current price sitting around $264. Experts believe it could reach $300 soon.
SOL Price Analysis and Target
The technical analysis shared by World of Charts shows the formation of a bullish pennant in SOL price action. This pattern is a classic continuation signal in technical analysis, often seen after a strong upward trend. The pennant forms a small symmetrical triangle after a sharp price increase, which in Solana’s case, suggests that the previous bullish momentum is likely to persist.
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The post from World of Chart sets a price target for Solana price at $300. This prediction indicates a jump from its current valuation, showcasing confidence in Solana’s potential to ride another bullish wave.
Following this breakout, the former resistance level of the pennant could now act as a support level. If Solana price dips below this new support post-breakout, it could suggest a false breakout or the need for further price consolidation before another attempt at upward movement.
