Solana Price Techniques (SOL) suggest that SOL could be as high as $275 in upcoming sessions.
The bullish outlook for the world’s sixth largest cryptocurrency by market capitalization comes as it consolidates within a range that looks like Bull Pennant.
In detail, Bull Pennants are bullish continuation indicators that form as the price consolidates within a symmetrical triangle-like structure after a strong upward move.
A coherent trend is accompanied by decreasing volumes, which reflects the underlying weakness of the trend.
As the price approaches the top – the point where the pennant trend lines converge, it tends to break through to the upside, with a bullish target with a length equal to the height of the previous uptrend, i.e. flagpole.
Solana’s flagpole is about $125 high. However, the breakout move at the top of Pennant (at around $150) put SOL on its way to $275.
SOL/BTC is also gaining despite Bitcoin price at $60K
Solana’s odds of hitting $275 come amid an all-out price boom in the cryptocurrency market.
However, SOL’s price has also risen 8% against Bitcoin (BTC) in the past two days in part due to its listing of South Korea’s largest crypto exchange Upbit.
RELATED: ‘Bull Flag’ on Solana chart eyes $250 despite SOL down 40% since last week
Overall, SOL was one of the best performing cryptocurrencies in 2021, with a YTD return of 8,500%. SOL traded at a record high of $216 in early September.
Institutional inflows boost the price of SOL
Although Bitcoin is currently in the spotlight, it is possible that Solana’s price has also received a boost from institutional capital via dedicated investment funds, according to a report by CoinShares published earlier this week.
CoinShares noted that “the digital asset investment products saw 500 inflows totaling $226 million, bringing inflows over 8 weeks to $638 million,” adding:
“It has been a mixed picture in other cryptocurrencies with favorites Solana ($12.5M) and Cardano ($3M) continuing to see flows, indicating that the focus has not shifted entirely to Bitcoin.
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