In line with the broader trend in the overall crypto market, the Solana (SOL) price has fallen by 7.5% in the last 24 hours. However, according to renowned analyst Rekt Capital, there is no reason to switch to the bearish side.
In a recent technical analysis, the crypto analyst highlighted that Solana is currently showing potential for an 80% price rally based on its present consolidation pattern. According to Rekt Capital, Solana is trading within what appears to be a bull flag formation, as depicted on the weekly SOL/USD chart from Binance.
A Bull Flag pattern occurs after a strong, almost vertical price rise and is characterized by a downward-sloping consolidation that resembles a flag on a pole. The “pole” is formed by the initial price surge, while the “flag” represents a period of consolidation with converging trendlines.
Traders often watch for a decisive breakout above the flag, which can signal the continuation of the prior uptrend. In Solana’s case, the
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