Solana (SOL) might touch $275 in the coming sessions, according to price technicals.
The world’s sixth-largest cryptocurrency by market capitalization is expected to rise as it consolidates within a bull pennant-like range.
Bull Pennants are bullish continuation indications that emerge when price consolidates inside a symmetrical triangle-like structure after a strong upward run.
The consolidation tendency is accompanied by falling volumes, indicating the underlying fragility of the trend.
The flagpole at Solana is around $125 in height. SOL is on its way to $275 with a breakthrough move near the pennant’s peak (around $150).
Despite Bitcoin’s current price of $60K, the SOL/BTC pair is also up.
The possibility of Solana reaching $275 coincides with a general price increase in the crypto market.
However, the price of SOL has risen by 8% versus Bitcoin (BTC) in the last two days, thanks in part to its inclusion on Upbit, South Korea’s largest crypto exchange.
SOL has been one of the top-performing cryptocurrencies in 2021, with earnings of 8,500 percent year to date. In early September, SOL hit a new high of $216.
SOL price rises due to institutional inflows
Despite the current focus on Bitcoin, Solana’s price is likely to have benefited from institutional funding via specialized investment funds, according to a study published earlier this week by CoinShares.
“Digital asset investment products witnessed inflows of US$226 million, increasing the 8-week run of inflows to US$638 million,” according to CoinShares.
“Other altcoins showed a mixed picture, with recent favorites Solana ($12.5 million) and Cardano ($3 million) continuing to attract inflows, indicating that the attention hasn’t fully shifted to Bitcoin.”
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Better call SOL: Solana’s price is on its way to $275 after a month of consolidation. was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.