Solana (SOL) rallied 8.53% to $84.73 on February 14, reaching a market capitalization of $48.12 billion. Technical analysts point to historical fractal patterns that preceded previous major rallies, suggesting a potential accumulation phase. Market expert CryptoPatel indicates if the pattern repeats, accumulation could occur between $30-$50 with long-term price targets as high as $500-$1,000, though the current trend remains bearish below key resistance levels.
Solana saw significant price action on February 14, with its value increasing by 8.53% to $84.73. The token’s 24-hour trading volume reached $6.32 billion, and its market capitalization stands at $48.12 billion.
Technical analysis indicates SOL may be entering a critical accumulation phase. Experts refer to historical fractals that preceded previous significant rallies, highlighting both risks and opportunities.
Market analysts are examining a historical fractal that preceded a major rally. According to a recent post by CryptoPatel, in Cycle 1, SOL rallied 24,234% from $1.07 to $260 before crashing.
During Cycle 2, Solana saw a 3,700% increase from $7.78 to $295. The cryptocurrency is currently down about 77% from its peak and may be entering another deep correction cycle.
If the historical fractal pattern continues to replicate itself, then another decline to the 0.5-0.618 Fibonacci levels is still possible before any actual recovery, stated CryptoPatel. The analyst identified a possible accumulation range of $30 to $50 should prices fall further.
Long-term price targets for Solana could range between $500 to $1,000 if the historical pattern repeats. Experts have also pointed out that past performance does not guarantee future results.
Currently, SOL faces a strong sell-off event that created a bottoming candle with a long lower wick. This price action is typically a sign of buying pressure at lower levels.
The daily Relative Strength Index is currently in oversold territory, though no clear bullish divergence has been established. The overall trend remains bearish as SOL trades below its daily pivot and 200-day EMA.
