Solana (SOL) Price Prediction: Will SOL Test the Bullish Adam and Eve Pattern?

As the market condition turned bullish, several top cryptos, including Solana [SOL], pushed their prices up. Things can get even better for SOL though as a bullish pattern appeared on its price chart.

Solana [SOL] enjoyed a good week last week as its price surged by more than 10%. Things can get even better for SOL though as a bullish pattern appeared on its price chart. A successful test of the pattern might initiate SOL’s journey towards $164 and beyond soon.

Solana’s road ahead

Data from CoinMarketCap showed that SOL’s price surged by more than 10% last week. In the last 24 hours alone, the token saw a more than 6% value hike. At the last check, Solana was trading at $154.44 with a market capitalization of $71.9 billion, ranking it as the 5th largest cryptocurrency.

Meanwhile, a bullish pattern appeared on the token’s chart. Ali, a popular crypto analyst, recently shared a tweet highlighting that an Adam and Eve pattern may be emerging on SOL’s chart. The tweet added that this pattern hinted at a possible rise to $164.

Going forward, if SOL does manage to clear that resistance, we could see a 33% surge towards $220.

Is SOL set to test this bull pattern?

To gauge the chances of SOL testing the Adam and Eve pattern, AMBCrypto looked at the crypto’s on-chain data.

Our analysis of data from Coinglass showed that SOL’s funding rate went up right alongside its price. This can be seen as an indication of money flowing into the market – A bullish sign.

The token’s long/short ratio also registered an uptick. An increase in the metric indicates that there are more long positions in the market than short positions, highlighting a rise in bullish sentiment around a token.

Furthermore, AMBCrypto’s examination of data from DeFiLlama also brought an interesting development to light.

We found that SOL’s inflows rose sharply on 22 August as the number exceeded $31 million. However, since then, SOL’s inflows dropped, suggesting that selling pressure on the token was reducing. Now, whenever selling pressure drops, it means that the chances of a token appreciating are high.

Finally, a glance at Solana’s daily chart showed that the technical indicator MACD displayed a bullish crossover. Additionally, both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered upticks, hinting at a sustained price hike in the coming days.

Solana’s daily price chart (Source: TradingView)

Read Solana’s [SOL] Price Prediction 2024-25

Data from Hyblock Capital also showed that SOL’s liquidations will rise significantly once its price touches $155.5.

A hike in liquidations often leads to price corrections. Hence, it is essential for the bulls to drive SOL’s price past that level in order to maintain the uptrend momentum.

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