Epic Rally Alert: Solana Hourly Chart Reveals Bull Flag Formation, SOL Targets $163

Ronaldo Marquez

1 year ago

3 mins read

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Solana (SOL), the fifth largest cryptocurrency by market capitalization, has experienced a significant surge after undergoing a correction from its 20-month high of $125, reached on December 25.

Following a dip to the $85 level on Monday, January 8, SOL reclaimed the $100 level again, demonstrating a 6.4% surge in the past 24 hours.

Moreover, technical analysis indicates a potential bullish continuation pattern known as a bull flag in Solana’s 1-hour chart, which suggests the possibility of further price gains beyond the previous high.

Solana Optimism For Price Breakout

Technical analyst Ali Martinez has identified a bullish pattern known as a bull flag formation on Solana’s hourly chart. A bull flag is characterized by a consolidation period following a strong upward move.

In this case, the dip to the $85 level could be considered the consolidation phase. The formation suggests that SOL may experience another significant upward move shortly.

As seen in the chart above, to confirm the validity of the bull flag pattern, SOL needs to achieve a decisive close above the $110 resistance level. Such a breakthrough could catalyze upward momentum and propel the price to new highs.

If the bull flag pattern holds, Ali Martinez anticipates that SOL could aim for an ambitious target of $163. However, Solana faces multiple resistance levels that it must overcome to reach the potential target indicated in Ali Martinez’s hourly chart analysis.

The $110 resistance, the $120 mark, and the previous 20-month high of $125 present significant hurdles for Solana’s price action. These levels have the potential to impede further upward movement, as they have previously acted as resistance during the bear market of 2022.

Additionally, the $132 and $137 levels are anticipated to provide additional resistance, as they were the price points from which Solana’s price decreased in April 2022.

Lastly, the $151 and $154 levels will serve as the final thresholds for Solana’s bears to hold if they aim to halt any potential price increase before reaching the $163 target.

Solana’s Ecosystem Consistent Growth

Despite the volatility in SOL’s price over the past month, Token Terminal data reveals consistent growth in Solana’s blockchain ecosystem.

According to the data, Solana’s circulating market cap has surged impressively to $43.54 billion, representing a substantial 20.08% increase in value over the last 30 days.

Moreover, the fully diluted market cap has surged to $57.13 billion, reflecting an 18.82% growth, which illustrates a strong investor interest in Solana and its potential for future growth.

Solana’s revenue has also experienced substantial growth over the past 30 days, with a staggering increase of 217.18% to reach $5.68 million. On an annual basis, the revenue has reached an impressive $69.12 million, exhibiting a remarkable surge of 142.15%.

Ultimately, Solana’s fees have significantly increased over the past 30 days, with an increase of 217.18% to $11.36 million. On an annualized basis, the fees amount to $138.24 million, marking a substantial growth of 142.15%, reflecting the network’s growing usage and transactional activity.

Featured image from Shutterstock, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

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With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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