Fashionable market analyst and key opinion chief (KOL), Ted Pillows, shares an perception into the Solana (SOL) market, stating the altcoin is prone to expertise additional value corrections within the brief time period. This value forecast comes amid a normal crypto meltdown throughout which Solana costs have crashed by over 15% in every week.
SOL Charts Trace At Retrace To $140 As Bullish Sample Types
In an X post on August 1, Pillows outlines a Solana value prediction based mostly on a forming cup-and-handle sample on the month-to-month chart. Basically buying and selling, the cup-and-handle represents a basic bullish continuation sample. As noticed within the chart beneath, it begins with a tea cup formation the place value first declines after which steadily recovers, forming a “U” or bowl-shaped curve.
After the cup, the worth pulls again barely, creating the “deal with.” Pillows’ evaluation signifies that Solana is presently at this stage of the bullish sample following a earlier value rally to $235 earlier in January 2025. Solana is now present process a long-term descending consolidation motion, which Pillows venture will lead the altcoin to commerce as little as $140-$150.
Presently, SOL trades round $159, indicating the altcoin should still endure a further estimated 11% value loss regardless of the registered heavy corrections up to now week. Nevertheless, being a bullish continuation sample, Solana’s profitable return to $140-150 value vary would additionally sign a possible value rally.
Nevertheless, Pillows’ evaluation additionally signifies that the altcoin should first break previous the neckline value at $235 to validate such bullish intent. If this state of affairs performs out positively, the highest market analyst predicts Solana to commerce as excessive as $1,000, suggesting a possible 532.91% achieve on current spot costs.
Regardless of current value corrections, Ted Pillows strongly helps Solana’s bullish potential, noting the altcoin continues to file excessive ranges of community exercise, signalling a considerable degree of market curiosity.
Solana Market Overview
On the time of writing, Solana trades at $159.34 after a 3.84% decline up to now day. In the meantime, the asset’s every day buying and selling quantity can also be down by 37.85% and valued at $4.98 billion. Nevertheless, in step with Pillows’ prediction, Solana holds immense potential for future value appreciation, particularly as a possible altseason approaches.
The bullish sentiment amongst SOL traders can also be pushed by substantial institutional curiosity within the altcoin amongst many others. NewsBTC has earlier reported that a number of asset managers, together with Grayscale, VanEck, and Constancy, have additionally revised their Solana Spot ETF functions with the SEC, indicating ongoing dialogue between each events in view of a possible approval.
