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Solana (SOL) price technicals suggest SOL can hit $275 in the coming sessions.
The upside outlook for the world’s sixth-largest cryptocurrency by market capitalization comes as it consolidates inside a range that appears like a bull pennant.
In detail, Bull Pennants are bullish continuation indicators that form as the price consolidates inside a symmetrical triangle-like structure following a strong move upside.
The consolidation trend accompanies declining volumes, reflecting on the trend’s underlying weakness.
And, as the price approached the apex — the point where the pennant’s trendlines converge, it tends to undergo a breakout to the upside, with the bull target at length equal to the height of the previous uptrend, i.e., the flagpole.
Solana’s flagpole height is roughly $125. That said, a breakout move at the pennant’s apex (at around $150) puts SOL en route to $275.
SOL/BTC pair also gains despite Bitcoin at $60K
Solana’s prospects of hitting $275 come amid an overall price boom across the crypto market.
However, SOL price also rallied by 8% against Bitcoin (BTC) in the past two days in part due to its listing on South Korea’s top crypto exchange Upbit.
Related: Solana chart ‘bull flag’ eyes $250 despite SOL price down 40% since last week
Overall, SOL has been one of the best performing altcoins in 2021, with its year-to-date profits at 8,500%. SOL traded at a record high of $216 in early September.
Institutional inflows boost SOL price
Despite the limelight currently on Bitcoin, Solana’s price likely also received a boost from institutional capital via dedicated investment funds, according to a report from CoinShares published earlier this week.
“Digital asset investment products saw inflows 500 totaling US$226 million, bringing the 8 week run of inflows to US$638 million,” CoinShares noted, adding:
“It was a mixed picture in other altcoins with recent favorites Solana (US$12.5 million) and Cardano (US$3 million) continuing to see inflows, suggesting the focus hasn’t entirely switched to Bitcoin.
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