Analyst Says Solana Bull Flag Could Lead to 400% Gains, Targeting $829

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Analyst Says Solana Bull Flag Could Lead to 400% Gains, Targeting $829

Solana retraces back to the $170 threshold but is forming a bullish flag with targets between $380 and $830, according to an analyst.

From an Elliott Wave perspective, Xanrox noted that Solanas wave (3) delivered a remarkable 2,600% gain last year, suggesting the potential for more upward movement following wave (4). As Solana aims to complete wave (5), the analyst anticipates a potential gain of 100% to 400% by the end of the year.

From the Fibonacci perspective, the analyst noted that the initial target is set at $383.39, corresponding to the 0.382 Fibonacci retracement level, representing a 119.9% increase from the breakout point. A more ambitious second target of $829.17 aligns with the 0.618 Fibonacci level, indicating a potential gain of 372.77%.

Meanwhile, in a follow-up analysis, Xanrox noted that while Solana remains bullish overall, some weakness is visible on the 4-hour chart. This suggests a possibility of a short-term pullback, with a potential retest of the $147 level before making a move toward a new all-time high.

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