Solana (SOL) has attracted attention as it has formed a round bottom pattern in recent weeks. YouTuber Crypto Jack recently tweeted that this technical formation suggests that SOL is ready for an explosive move
Crypto Jack, who has taken a long position on SOL, expects the cryptocurrency to break its previous (ATH) mark this year. Changelly's crypto experts, who analyzed Solana's price fluctuations in early 2023 and made their predictions for the coin's performance in May 2024, endorse this bullish sentiment.
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Solana's price forecast for May 2024
Based on Solana's pricing behavior, Changelly's experts expect the average SOL price to reach $165.28 by May 2024. Changelly experts expect the cryptocurrency to reach minimum and maximum prices of $152.76 and $177.80 respectively during the same period.
These forecasts suggest that Solana has the potential to experience significant growth this year. It also has the ability to reach new all-time highs. Furthermore, the current all-time high for SOL at $259.96 was reached on November 6, 2021. At the time of writing, SOL is trading 43.8% below this all-time high, indicating that there is plenty of room for the coin to increase in value.
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The rounding bottom pattern identified by Crypto Jack is a technical formation that is often considered a bullish signal in the trading world. This pattern occurs when the price of an asset gradually falls and forms a rounded bottom before a sharp increase in value occurs.
The presence of this pattern on Solana's price chart suggests that the cryptocurrency could be on the verge of a significant breakout.
Solana's potential for price appreciation is not based solely on technical analysis. The blockchain platform has experienced rapid growth in its ecosystem.