Solana (SOL), the fifth largest cryptocurrency by market capitalization, has experienced a significant surge after undergoing a correction from its 20-month high of $125, reached on December 25.
Following a dip to the $85 level on Monday, January 8, SOL reclaimed the $100 level again, demonstrating a 6.4% surge in the past 24 hours.
Moreover, technical analysis indicates a potential bullish continuation pattern known as a bull flag in Solana’s 1-hour chart, which suggests the possibility of further price gains beyond the previous high.
Solana Optimism For Price Breakout
Technical analyst Ali Martinez has identified a bullish pattern known as a bull flag formation on Solana’s hourly chart. A bull flag is characterized by a consolidation period following a strong upward move.
In this case, the dip to the $85 level could be considered the consolidation phase. The formation suggests that SOL may experience another significant upward move shortly.
As seen in the chart above, to co
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