SOLANA TO $350? My Updated Solana Price Prediction Will SHOCK You! #CryptoBytes
This is your afternoon video, where i break down the technicals on some of your favorite cryptocurrencies. Today were talking about solana and im, going to show you some patterns on solana that indicate it might be about to have a big breakout. I know all of our solana fans out. There are looking forward to it so without much further ado, guys lets go ahead and dive right on into it all right guys. So i have a lot of technicals on my screen, but im going to break down what all of them mean very, very simply starting down here on the four hourly chart. You can see that solana has been in a slight downtrend ever since the 9th of september. Its been moving sideways, but now it looks like that might be coming to an end notice. There is a downtrending level of resistance right here that i just turned red and then theres also this trending level of support. If we look at our volume, we see that the volume has been holding steady but slightly moving to the downside indicating that we are indeed in a symmetrical triangle. Pattern on solana and, in fact, were in a very large, symmetrical triangle pattern on solana, because what were really looking at is this entire movement moving into what is known as a pennant pattern. So if we were to take a price target of this movement and extrapolate, then we could be expecting for solana to move as high as 200.
Excuse me, its 350 dollars moving into november of this year, but pause. Is that realistic on solana? Is it realistic that this cryptocurrency could go to 350 well lets look at coin market cap scrolling down coin market cap here we can see that solana is currently number seven and we are currently at a 50 billion dollar market cap for it to go over 300 Up towards 350, it would need to have about 110 billion dollar market capitalization. We can see that that would put it at a quarter of the market cap of ethereum and we think the entire cryptocurrency market is going to grow over the next three months. So, yes, i would say it is realistic, but jumping back onto the chart. What would that look like? Well, you can see if solana doesnt need it. There are multiple zones of support, but frankly i dont think that solana is going to need to do that. Looking down on the four hourly chart, what we do see is that theres, a flat level of resistance and support sitting at 150, constituted by multiple, multiple, multiple, multiple highs and lows and breakouts over the last several months. Right now, solana is holding above 164 dollars and its in the symmetrical triangle pattern its holding above 150. Excuse me its in this symmetrical triangle pattern, and it looks like were going to have a breakout in the next couple of days. Add this some as the symmetrical triangle pattern ends around october.
The 8th, i think, were going to break to the upside for a plethora of reasons. Number one lets go ahead and take a look at some of our technicals. For example, lux algo actually flashed a strong buy signal on the 2nd of october. I have found a lot of success with these long term. Lux algo signals. For example, a strong buy signal right here called the breakout of this descending triangle pattern. I think something similar might be happening here. Furthermore, looking at our technicals down here right now, we are just barely bullish on macd, but we had a bullish cross back on the 2nd of october. If we continue to move to the upside at all, then this means that we will have confirmation of bullishness on the macd daily chart for solana, and that would be a very good sign. The last time we saw that happen was back on the 22nd of july and that obviously preceded the entire rally that we are under right now, so the macd, even though it might look bearish in the short term, it actually isnt its actually pretty bare its actually Pretty bullish now there is one problem, and that is this: there is quite obvious and substantial bearish rsi divergence taking place on this chart, but theres also bullish our side of versions number one. Even before that, though, take a look at this, we had a bullish, macd cross on the four hourly chart indicating movement to the upside.
There is a downtrending level of support here on the rsi and theres, an uptrending level of support here on the four hourly price action, thats very bullish, and it does indicate movement to the upside and going out here to the daily chart. Guys. We can see that all of the technicals seem to be pretty bullish, especially since weve had a reversal just yesterday on this chart so heres, my takeaway guys so lana right now is in a massive bull pennant, with a price target of around 350. In keeping with our theory that the rest of the cryptocurrency market is going to rally in between october november and december, it would make sense that solano would be breaching new all time highs. So my solana, price prediction, is over 300 by the end of the year. Based on the fundamentals of the rest of the cryptocurrency space based on the technicals, i just showed you today and based on the developments going on on the solana blockchain, along with all of the rest of the d5 space, which is growing rapidly. It just passed. 210 billion dollars, in total value locked a lot of reason to be bullish on this project. I think this is a buy in my humble opinion, but that is just my opinion and not financial advice. If you enjoy todays show make sure to hit that like button and tune in tomorrow, because weve got another video going up on saturday, another going up on sunday and well be back for coffee and crypto on monday youre not going to want to miss it.
We got some great content lined up thats. All i got for you today before i go. I do just first want to thank each and every single last one of you for watching.