Solana Price Could Eclipse $1,400 As Massive Bull Flag Emerges
The Solana price has surged over 33% in the past two weeks, and according to crypto analyst Ali Martinez (@ali_charts), this could be the precursor to a much larger rally. In the weekly chart (SOL/USD), the Solana price exhibits a major bullish pattern, suggesting a potential surge beyond the $1,400 mark. Is $1,400 Next For Solana? Martinez highlighted a “bull flag” formation, a classic continuation pattern in technical analysis that could signify a significant upward movement in Solana’s value in the upcoming months. “The bull flag nobody is talking about!” Martinez commented.....
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The bullish setup emerges as traders raise their upside bets in smart contract protocols that rival Ethereum. Avalanche (AVAX) looks poised to hit $80 as per a classic technical pattern after hitting a new high of over $65 on Sept. 12.Dubbed as "Bull Flag," the structure emerges as a brief sideways/downward trend following a strong price move higher. As a result, Bull Flags tend to look like downward sloping channels, represented by two parallel trendlines that trap the price action.Additionally, the market's underlying trade volume dries up as the prices move lower, indicating weakness in....
A bull flag pattern resembles a flag on a pole and appears when a cryptocurrency is experiencing a significant price rise. Many security price forecasters use technical analysis, sometimes referred to as charting. However, they opt to reject the efficient markets hypothesis (EMH) altogether. The efficient markets hypothesis (EMH), also called the Random Walk Theory, is the idea that current securities prices accurately reflect the information about the firm’s value. Therefore, it is impossible to make excess profits using this information, or gains that are greater than the overall market.....
The bear flag setup for SOL price could result in another interim relief rally amid macro headwinds. Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, the technicals suggest that Solana's price flirts with the prospects of rising 40% in August.SOL hits key inflection pointIronically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.On the daily chart, SOL's price has been consolidating inside what appears to be a "bear flag," a technical pattern that develops during a....
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