Solana Price Prediction: SOL Soars 20% In A Week As Bullish Pennant Emerges, But Is This New Base Crypto A Better Pick?

On Jul 19, 2024

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The Solana price has surged 20% in the past week and 5% in the last 24 hours to trade for $168.15 as of 09:00 a.m. EST.

Amid this pump, analysts observe a bullish pennant on the SOL/USD trading pair in the one-day timeframe.

🚨 #Solana $SOL HUGE PENNANT on the 1D chart!
Watch out for this price action! https://t.co/GF2BfV0Dtv pic.twitter.com/Hlh73PKHq9
— CryptoBusy (@CryptoBusy) July 18, 2024

A bullish pennant pattern in crypto trading is a technical analysis indicator formed when the price of an asset experiences a sharp upward movement followed by a consolidation period, during which the price trades within converging trend lines, resembling a pennant shape.

This pattern typically suggests that there is a temporary pause in the uptrend and that the price is likely to continue in the same direction once the consolidation phase is completed. Traders often see this pattern as a potential continuation signal, indicating that the bullish trend may resume.

Meanwhile, data shows that Solana outperformed both Bitcoin and Ethereum in weekly blockchain trading revenue from non-fungible tokens (NFTs).

🚨 BREAKING: @solana surpasses Bitcoin & Ethereum in weekly blockchain trading revenue (from NFTs).
Dominance: 42%
Trading Revenue: $356K pic.twitter.com/uRsHyexnLj
— SolanaFloor (@SolanaFloor) July 18, 2024

Solana Price Prediction

To the naked eye, the Solana price is trading with a bearish bias, having recorded a series of lower highs. However, a trained eye will see that this price action has formed a bullish pennant pattern with key factors supporting a further upside.

The bull flag nobody is talking about! #Solana $SOL pic.twitter.com/PoX8zpz5HH
— Ali (@ali_charts) July 18, 2024

To start with, it has overcome resistance due to the 50% Fibonacci placeholder of $163.92 and is testing the upper boundary of the pennant. Overcoming this barrier could activate the bullish governing pattern, setting the tone for further upside.

Secondly, the Relative Strength Index (RSI), an indicator measuring momentum, has breached its mean level of 50. Its higher lowers and overall northbound inclination suggest that the momentum is rising, which sends the Solana to price further north.

The Moving Average Convergence Divergence (MACD) accentuates the bullish thesis, as it holds well above the signal line (orange band). Its green histograms show prevailing bullish sentiment, with the Solana price likely to extend the climb.

Based on the Fibonacci retracement indicator, a further upside could send the Solana price to $174.53 or higher to test the $187.66 threshold. If the target objective of the bullish pennant is achieved, however, determined by measuring the longest distance between the trendlines, the Solana price could rally 77% north, breaching the $208.89 peak.

GeckoTerminal: SOL/USD 1-day chart

Converse Case

On the flip side, a rejection from the upper trendline of the channel could see the Solana price drop to test the 61.8% Fibonacci retracement level. If this level holds as support, it could provide a jumping-off base for a further upside, potentially activating the bullish pennant with a breakout.

However, if the aforementioned level breaks, the Solana price could extend the fall to the 71.8% Fibonacci retracement level of $138.20. A break and close below the lower trendline of the pattern would invalidate the bullish thesis.

Even as the Solana price teases with a bullish chart pattern, investors are channeling funds into Base Dawgz (DAWGZ), a new Base meme coin that Crypto YouTuber ClayBro says could “create millionaires.”

Promising Alternative To Solana

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Base Dawgz considers Base its home but it can be stored and extracted through other blockchains. The multi-chain functionality is provided by Wormhole and Portal Bridge technology. Wormhole is a message-passing protocol, while Portal is a blockchain bridging system.

DAWGZ

Base Dawgz thus brings a multi-chain experience and $DAWGZ will also trade on ETH, SOL, BSC, and AVAX. This chain-hopping ability makes it a real gripper, as you can claim, store, and trade it seamlessly on Ethereum, Solana, BSC, and Avalanche.

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We did it $DAWGZ!
$2.5 MILLION reached 🪂 we’re soaring now and it doesn’t look like we’re slowing down 🤩 pic.twitter.com/XY0rUztKpV
— Base Dawgz (@BaseDawgz) July 15, 2024

To participate in the presale, buy DAWGZ for only $0.006405 and join investors who have already pumped more than $2.5 million into the project. Don’t wait too long, though, because a price hike is coming in less than 4 days.

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