Solana soars 21% to six-week high amid altcoin boom; SOL eyes $275 next

Solana SOL ATH
image from medium.com

Key Solana takeaways:

  • Solana (SOL) rallies by almost 21% intraday to hit its highest levels in more than a month.
  • The uptrend comes in the wake of Solana’s upcoming partnership with decentralized oracle giant Chainlink.
  • An ongoing Bitcoin and altcoin market boom also plays instrumental in sending SOL prices higher.
  • Technical setup predicts the cryptocurrency at $275 in the coming sessions.

YEREVAN (CoinChapter.com) – Solana (SOL) rallied 21% and hit $191 for the first time in six weeks. The blockchain asset now eyes an extended run-up towards $275.

Macro fundamentals

As discussed in the previous review, Solana scored a partnership with oracle Network Chainlink to extend the blockchain’s client base and bring additional revenue. However, the ubiquitous recovery wave contributed to the uptrend as well.

In the wake of Bitcoin’s explosive 60% rally quarter-to-date, the traders started to shift their attention to altcoins. Michael Van de Poppe, the founder of consultancy and educational platform Eight Global, predicted an upcoming altcoin season in Aug 2021.

If this is going to happen, altcoins will most likely start shooting off, especially given the fact that Bitcoin will be showing strength. The actual alt season starts when Bitcoin is bottomed out, Bitcoin is grinding up, and when nobody is interested in altcoins at all.

commented the analyst

Ethereum led the altcoin parade, approaching its all-time high. Solana followed suit and could reach $275 in the upcoming sessions.

Also read: 3 reasons why Solana (SOL) could hit $275 in Q4.

Bullish SOL chart

As discussed in the previous review, SOL traded in a formation called bullish Pennant. The latter predicts gains equal to the distance between the trendlines at the beginning of the formation. The prediction pinned the target price at $275.

Solana token broke out of the formation (Oct 20) and continued rallying according to the prognosis. It charted close to the ATH of $212.

Solana broke out of the bullish Pennant, expecting more gains. Source: SOLUSD on TradingView.com
Solana broke out of the bullish Pennant, expecting more gains. Source: SOLUSD on TradingView.com

The co-founder of blockchain advisory firm Moon Rock Capital, Simon Dedic, agreed with the bullish scenario. Additionally, he pointed out that if SOL closes the session above $190, it will “go nuts” and likely hit new records.

The upcoming sessions will show if Solana hits the target price and establishes a new all-time high.

Also read: Solana rises 20% after listing on South Korea’s largest crypto exchange.

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