Solana (SOL) has attracted attention as it has formed a rounding bottom pattern over the past few weeks. YouTuber Crypto Jack recently tweeted that this technical formation suggests SOL is poised for an explosive move
Crypto Jack, who has entered a long position on SOL, expects the cryptocurrency to break its previous (ATH) this year. Changelly’s crypto experts, who have analyzed Solana’s price fluctuations at the beginning of 2023 and provided their predictions for the coin’s performance in May 2024, echo this bullish sentiment.
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Solana’s Price Prediction for May 2024
Based on Solana’s price behavior, Changelly’s experts anticipate the average SOL rate to reach $165.28 in May 2024. Changelly’s experts expect the cryptocurrency to reach minimum and maximum prices of $152.76 and $177.80, respectively, during the same period.
These predictions suggest that Solana has the potential to experience significant growth this year. It also has the possibility of setting new all-time highs. Also, the current all-time high for SOL stands at $259.96 was achieved on November 6, 2021. At press time, SOL is trading 43.8% below this record level, indicating that there is ample room for the coin to appreciate 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 world of trading. This pattern occurs when an asset’s price gradually declines, forming a rounded bottom, before experiencing a sharp increase in value.
The presence of this pattern in Solana’s price chart suggests that the cryptocurrency may be on the verge of a significant breakout.
Solana’s potential for price appreciation is not solely based on technical analysis. The blockchain platform has been experiencing rapid growth in its ecosystem.
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