Crypto expert Patel has created a bullish case for Solanaexplaining why it’s time to start paying attention to crypto assets. This came as he realized that SOL has published 8 consecutive red candles in a month for the first time in its history.
Why It’s Time To Start Listening To Solana
In a X postCrypto Patel said that Solana has only published 8 red candles in a row during his existence and this is worth considering. He reiterated that this was unprecedented and cited the 2021 bear cycle to explain why this could be important to SOL. The analyst noted that during that time, SOL fell to about $8 after it ended all time (ATH) $260 in November 2021.
Collaborative Reading
Crypto Patel suggested that the 2021 bear phase would also produce 9 red candles per month, but he did not follow through. The 9th red candle is said to have written below the $8 mark. Follow up take the market downSOL then went on to record a new ATH near $295 for the next year.
The analyst noted that the current setup looks different and bold, with SOL forming 8 red candles in a row, from a high of $253 to a low of $67, and now the 9th red candle in a month is forming. He added that market participants should wait for this month’s close before confirming anything, but history has provided a clear map.
Crypto Patel also explained that if the 9th candle appears to be in the last bearish period, it will indicate a potential macro rally. They showed $80 to $50 zone like accumulation of various to see if the price is going down. Meanwhile, if the fractal repeats, the analyst predicts that SOL may face a new ATH between $500 and $1,000.
SOL Will Clearly Return To $67
In a X postcrypto expert Jack Adams said that he is almost certain that Solana will return to retest between $67 and $58 once again before returning to between $120 and $175 this year. He also said that, depending on SOL/BTC and ETH chartsdamage should happen quickly and not bleed slowly in terms of buying positions.
Collaborative Reading
Meanwhile, the expert announced that the important part of the month can be reached before the bull cycle. He said this based on the previous month’s cycles and the area where he was strongly rejected earlier this year. SOL has faced a very serious accident like Bitcoin price it adds flavor.
At the time of writing, the price of Solana is trading around $70, down more than 5% in the last 24 hours, according to data from CoinMarketCap.
Image taken from Adobe Stock, chart from Tradingview.com
