SOL has followed the green wave sweeping through the broader cryptocurrency market, surging 6% in the past 24 hours to $105.
Many analysts believe the asset’s rally might be just starting, with one envisioning a potential explosion to as high as $1,300.
Parabolic Jump on the Way?
Earlier this week, the landmark crypto bill known as the CLARITY Act failed in the US Senate and could not advance to formal discussion. The development caused a brief correction for the crypto sector, with Ali Martinez noting that SOL plunged from $101 to around $95.60.
However, he argued the asset found solid support despite the pullback and outlined several bullish factors. First, he pointed to strong institutional demand, with spot SOL ETFs recording several consecutive green weeks and attracting over $200 million in the past month alone. Martinez also mentioned that 3 million tokens were withdrawn from exchanges in the last 30 days and that network growth remains “elevated.”
Shortly after, the analyst opined that a breakout is near, spotting a potential bull flag forming on SOL’s 4-hour chart. He said the key level to watch is $105 and claimed that a sustained close above could confirm the bullish breakout and open the door to an ascent to $130.
Most recently, Martinez claimed that the asset is “ready to go parabolic.” He opined that SOL has spent the last few years building a massive cup-and-handle pattern, with the neckline sitting near $360.
“A confirmed break above that level could mark the beginning of a much larger expansion toward $1,300,” he maintained.
Additional Forecasts
X user CRYPTOKRALI argued that SOL has started to “look interesting” again. The analyst noted that after weeks of compression, the price has finally broken above the descending resistance that kept rejecting every attempt higher. They said $98 has held repeatedly as support, and the strong daily candle through the trendline provides the necessary confirmation.
“Now the key is whether SOL can hold above the breakout and turn that old resistance into support. If it does, I’d be watching $110 first, with room for a bigger continuation if momentum follows through. The downtrend is breaking. Now we see how far the next leg can run,” the analyst added.
Scient also weighed in. The market observer expects one more leg up to around $130, saying they will then de-risk 50% of their spot bags and look to reload if the price dips to $90.
The post Solana to Go Parabolic? Here’s Why SOL Can Explode by 1,100% appeared first on CryptoPotato.
Source: https://cryptopotato.com/solana-to-go-parabolic-heres-why-sol-can-explode-by-1100/
