Alt Coin

Solana Gearing Up for 255% Rally Early Next Year: Crypto Exchange Kraken

Crypto trade Kraken is saying that Ethereum competitor and good contract platform Solana (SOL) may very well be jockeying for a powerful rally by early 2022.

In a latest report, Kraken says that Solana has been buying and selling inside a big bullish sample courting way back to 2020.

According to the crypto trade, Solana’s corrective transfer from its all-time excessive of round $260 places the Ethereum challenger ready to ignite the following leg of its bull cycle.

“The fourth-ranked crypto asset appears to be in the early innings of its fourth wave of ‘price discovery.’ Accordingly, it appears in the early innings of a fourth wave of price discovery, potentially continuing the trend along the wedge pattern.”

Source: Kraken

Kraken provides that Solana’s latest pullback may be seen as a bullish sign because the backtesting of the diagonal help might imply that SOL could also be gearing up for a rally.

“The bounce could be interpreted by many as not only just ‘bullish,’ but also a sign that a test of the wedge’s resistance could follow in the month(s) ahead.”

The report additionally explains why an extended consolidation interval is bullish for SOL.

“As with many other chart patterns, the longer it takes for SOL to trend higher while also retaining the wedge’s uptrending line as support, potentially the higher SOL could travel before ultimately cooling off and entering into a downtrend.”

Based on Kraken’s chart, an abrupt Solana resurgence might propel the large-cap crypto asset above $600 by January 2022, suggesting a possible upside of over 255% rally from its present price of $169.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses you might incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in affiliate marketing online.

Featured Image: Shutterstock/Pavel Chagochkin

Related posts

This Is Why Cosmos, Fantom and Near Are Surging Amid a Correction, Says Crypto Hedge Fund CEO Zhu Su

Crypto Advisor

Institutions Pour $36,000,000 Into Bitcoin, Ethereum and One Additional Altcoin As Market Volatility Skyrockets: CoinShares

Crypto Advisor

Decentraland (MANA) and Two Altcoins That Exploded 16,000%+ in One Year Are Top Picks for 2022: CNBC’s Brian Kelly

Crypto Advisor

Leave a Comment