Solana: Pattern Suggests SOL Could Hit $123, Predicts Analyst

Paigambar Mohan Raj
Source – Forbes

The cryptocurrency market is showing recovery signs from the market-wide sell-off last month. Bitcoin (BTC) has reclaimed the $52k mark, the highest level since 2021. Other popular assets follow BTC’s trajectory, hitting double-digit rallies in the weekly charts. Solana (SOL) has surged 14.4% in the weekly charts, 21.2% in the 14-day charts, and 17.9% over the previous month. Moreover, the asset is up by a whopping 434.9% since February 2023. SOL was among the best-performing cryptocurrencies in 2023, and the asset seems to continue its bullish trajectory into 2024.

Source: CoinGecko

Also Read: Solana [SOL] Spikes 21% to $115, Can it Reach $130 Next?

However, Solana’s (SOL) rally might not be over yet. According to crypto analyst Rekt Capital, SOL is forming an ascending triangle pattern that could propel the asset to $123. Hitting $123 would be a new high for SOL, a level last visited in 2022. Moreover, the price spike would translate to a growth of about 6.02% from current levels.

How high can Solana (SOL) go in February?

Solana (SOL) Price Drops Below $100; When Will It Reclaim Lost Ground?
Source: YouTube

According to CoinCodex, SOL could surge to $131.74 on Feb. 21, 2024, a rise of about 13.5% from current levels. Moreover, the platform anticipates SOL to hit $137.9 by mid-March, increasing by almost 19% from current price levels.

Also Read: Solana: Analyst Who Called Bitcoin Bottom Predicts SOL to $150

Source: CoinCodex

Changelly predicts Solana (SOL) to reach $130.22 on Feb. 20, 2024, a rise of about 12.2% from current levels. However, the platform anticipates SOL to undergo a correction later in the month, falling to $120.70 on Feb. 29, 2024. Nonetheless, Changelly predicts SOL to reclaim the $130 level by mid-March.

Also Read: Solana: Here is How High SOL Can Go in February 2024

Moreover, with BTC’s halving in April, we may witness another rally in the cryptocurrency market later this year. Many analysts anticipate new highs for many projects.