Solana (SOL), the smart contract platform known for its blazing-fast transaction speeds, could be on the cusp of a major rally, according to a popular analyst. In a message to his over 214,000 followers on social media platform X, Immortal, a pseudonymous analyst with a keen eye for technicals, believes SOL is mirroring a price pattern seen three years ago that preceded a nearly 980% surge.
Inmortal highlights a series of bullish “higher-low” setups forming on Solana’s two-day chart. These setups occur when the price creates a bottom (low), rebounds (higher), and creates a new bottom (higher than the previous one), indicating a potential uptrend. Interestingly, Inmortal points out that a similar pattern emerged in Q2 and Q3 of 2021, right before SOL skyrocketed from $24 to its record high of $259.
“Time is a flat circle,” Immortal wrote, referencing a famous quote from the television series True Detective, which implies cyclical patterns repeating themselves. “SOL,” he concluded, suggesting the cryptocurrency could be poised for a repeat performance.
Based on Inmortal’s chart analysis, SOL might target a fresh all-time high near $500. This prediction comes as SOL is currently trading around $159, a significant climb from its 2024 low but still far from its peak.
Immortal isn’t just bullish on Solana. The analyst also sees potential in Beam (BEAM), a gaming-focused altcoin. Inmortal’s chart suggests BEAM could break above $0.03, building upon its recent recovery from the $0.016 support level. Beam is currently trading at $0.0175 at the time of writing.
The analyst also identified a bullish setup for TokenFi (TOKEN), the native asset of the RWA (real-world asset) protocol. According to Immortal, TOKEN appears poised for a breakout after reclaiming support at $0.08.
It’s important to remember that technical analysis, while valuable, cannot guarantee future price movements. Market conditions and unforeseen events can significantly impact cryptocurrency prices. However, Inmortal’s analysis offers an interesting perspective on Solana and other altcoins, potentially aiding investors in making informed decisions.