CandleFocus Analyst Predicts Solana to $5,000 After Emerging Parabolic Breakout
2024-09-28
Author: Content Editor
Crypto analyst InvestingScope has set a price target of $5,000 for Solana, citing an expected parabolic breakout. The analyst highlights a "Channel Up" price pattern on the SOL/USD 1-week timeframe, similar to one seen in December 2020 that resulted in a 40,668% surge in Solana's price. The analyst also points to bullish confirmations on the daily timeframe, but notes that SOL remains neutral on the weekly timeframe. While Solana is technically ready for a surge, the analyst believes fundamental catalysts such as adoption of the Solana network are needed. Recent announcements at the Breakpoint event have boosted bullish sentiments on Solana. At the time of writing, Solana is trading at $155.87.
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